Dow Extends Record Run as Fed Decision Looms

Trading is unfolding much like yesterday, with the Dow Jones Industrial Average (DJI) up triple digits and fresh off another record high. Despite a surge in the chip sector, the S&P 500 Index (SPX) sits flat and the Nasdaq Composite Index (IXIC) is trading modestly lower. Investors are eagerly awaiting the Federal Reserve's interest rate decision, due out at 2:00 p.m. ET, where rates are widely expected to remain unchanged. Meanwhile, oil prices are climbing after President Donald Trump said a peace deal with Iran had not yet been finalized, while SpaceX (SPCX) is finally cooling off from its post-IPO rally.

Continue reading for more on today's market, including:

• Options traders eye CarMax stock amid post-earnings tumble. 
• Software stock lands "buy" rating after 11-day losing streak. 
• Plus, bulls target biotech stock; AMAT hits record highs; and CVNA slides.

Options bulls are targeting Intellia Therapeutics Inc (NASDAQ:NTLA) today, with 11,000 calls exchanged so far, nine times the amount typically seen at this point, in comparison to just 2,221 puts. The June 14 call is the most popular, followed by the August 14 call, with new positions opening at the latter. The biotech stock is up 10.3% to trade at $16.05, after the company earlier this week published strong phase 3 data for Lonvo-Z, its in vivo CRISPR gene editing candidate. The $16 level has provided pressure since a late-October bear gap, however. 

Applied Materials Inc (NASDAQ:AMAT) stockis surging to record highs, last seen up 9.5% to trade at $622.27, earlier hitting a record $623.35. One of the many chip stocks rebounding after yesterday's selloff, AMAT also received a price-target hike from Citigroup to $710 from $550 after forecasts for global wafer fab equipment (WFE) spending were updated. Plus, Applied Materials also announced a new smart glasses display platform called SENZ. Year to date, the equity is up 140%. 

One of the worst stocks on the New York Stock Exchange (NYSE) today, Carvana Co (NYSE:CVNA) was last seen down 7.8% at $64.44, in sympathy with CarMax (KMX) stock's post-earnings tumble. Margins concerns are weighing on the shares, while CNBC reported Tuesday that the company had "quietly" bought seven Stellantis locations since last year. Year to date, CVNA is down 23.8%.