Dow Set To Snap Win Streak As Big Tech Earnings Roll In

The major indexes are looking at a quiet Wednesday, as investors digest a slew of earnings reports from the tech space. The Dow Jones Industrial Average (DJI) is looking to snap its two-day winning streak with a roughly 45-point drop at midday, while both the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are only slightly above breakeven.

All eyes are on Big Tech today, with Wall Street poring over reports from Google parent Alphabet (GOOGL) and Amazon (AMZN). News that Jeff Bezos will step down as CEO is also moving the e-tail stock this afternoon. Meanwhile, anxieties over last week's trading frenzy seem to have been put to rest, with the focus shifting to better-than-expected jobs data and more stimulus negotiations out of Washington, D.C.

MMC stats Feb 3

Financial concern Charles Schwab Corporation (NYSE: SCHW) is seeing an uptick in bearish activity in its options pits today. At last check, 3,693 puts have exchanged hands -- nearly double the intraday average -- compared to 2,905 calls. Most popular by far is the monthly February 48-strike put, followed by the 60-strike call in the same series. The security was last seen up 1.2% to trade at $55.20, after receiving some analyst attention earlier this morning. Specifically, Citigroup cut its price target to $67.50 from $69, and Deutsche Bank lifted its price target to $75 from $73. On the charts, Charles Schwab stock looks like it is attempting to regain steam, after the 60-day moving average deflected last month's sharp pullback from its Jan. 12 record high of $62.03. 

SCHW Feb 3

The top performer on the Nasdaq today is Tyme Technologies Inc (Nasdaq: TYME), last seen up 98.6% to trade at $3.65 after the biotech company was granted U.S. patent claims to cover the use of its TYME-19 compound to treat the coronavirus. The equity hit a three-year high of $4.99 earlier today. Looking back, the security had been cooling off its Jan. 12 peak of $2.50, though the 30-day moving average contained this selloff. 

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Disclaimer: Schaeffer's Investment Research ("SIR" or "we" or "us") is not registered as an investment adviser. SIR relies upon the "publishers' ...

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