Major Indexes Eye Monthly Wins Despite Tech Tumble

Major indexes are mixed this afternoon, with the Dow Jones Industrial Average (DJI) charging higher on the back of upbeat blue-chip earnings from Caterpillar (CAT). The S&P 500 Index (SPX) is modestly higher as well, while the tech-heavy Nasdaq Composite (IXIC) struggles to shake off several lackluster post-earnings performances from members of the 'Magnificent Seven'.

The core personal consumption expenditures price index (PCE) for March and year-over-year rose 0.3% and 3.2%, respectively, in line with estimates. Though each index is pacing for a weekly loss, today will mark the end of an impressive April win for all three. 

• 2 Big Tech names stalled after earnings.
• Dismal post-earnings reaction dings Amazon stock.
• Plus, QCOM options pop; Wolfspeed stock takes over NYSE; and retailer running lower after earnings.

Qualcomm Inc (NASDAQ:QCOM) is seeing a surge in options activity today, with 383,000 calls traded so far-- 14 times the average daily amount--  the most popular being the December 200 call. QCOM was last seen up 18.9% at $185.54, on the back of an impressive fiscal second-quarter earnings beat. Plus, a slew of analysts have hiked their price targets in response, including Benchmark to $225. QCOM has added 25% year-over-year.

Wolfspeed Inc (NYSE:WOLF) is up 12.9% to trade at $28.84 this afternoon, sitting as one of the top stocks on the New York Stock Exchange (NYSE) after the company announced Brad Kohn as their new chief legal and global affairs officer. WOLF has surged 65% in 2026, but just last week was rejected by a breakout attempt at $32.

One of the worst NYSE performers today is Wayfair Inc (NYSE:W), last seen down 10.3% at $65.75, after the retailer posted first-quarter earnings that came in line with estimates, but signaled a "choppy" start to the year for the furniture market. W is headed for a fourth-straight drop, pressured lower by the overhead $80 level and 200-day moving average.