Dow Pops 586 Points, Brushing Off Consumer Sentiment Drop

As shutdown concerns ease, markets are extending early morning gains, brushing off the University of Michigan's consumer confidence survey, which showed sentiment falling to a lower-than-expected 57.9 in March. The Dow Jones Industrial Average (DJI) is up 586 points, set to snap a four-day losing streak and up triple digits alongside the tech-heavy Nasdaq Composite (IXIC).

Meanwhile, the S&P 500 Index (SPX) attempts to dig itself out of correction territory, though weekly losses of more than 3% for each index look imminent, following this week's tariff-triggered selloff. The Dow is on track for its worst week in two years, while the Nasdaq and S&P 500 look to mark a fourth-straight weekly drop.

Software name DocuSign Inc (Nasdaq: DOCU) is surging this afternoon, up 17.6% at $87.58, enjoying an impressive post-earnings pop. The company's fourth-quarter beat has made it a popular pick in the options pits, with 30,000 calls and 26,000 puts traded so far, 12 times the average intraday pace. Most popular is the weekly 3/14 86-strike put, with positions being sold to open here. DOCU is eyeing its best daily jump since Dec. 4, and sports a 53.3% year-over-year gain.

Tech giant Rubrik Inc (NYSE: RBRK) is one of the top stocks on the New York Stock Exchange (NYSE) today, after the company reported an upbeat fourth-quarter earnings and an impressive first-quarter outlook. Still less than a year since going public, RBRK has surged 126% over the past six months. At last check, the equity is trading up 25.4% at $69.34, gapping above its 20-day moving average for the first time since February.

One of the worst stocks on the NYSE today is retail clothing brand Gap Inc (NYSE: GAP), last seen off 3.1% to trade at $20.01. The equity has been unable to find its footing after enjoying a post-earnings pop to $23.32 last week, and is now pacing toward a fifth consecutive daily fall. Over the past 12 months Gap stock has shed nearly 13%, with overhead pressure stemming from the 50-day moving average.

More By This Author: