Dow, S&P 500 On Track To Snap 3-Day Skid

Wall Street is mostly higher this afternoon, as the Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) both look to snap three-day skids and move back toward their recent all-time highs. The tech-heavy Nasdaq Composite (IXIC) is trading more muted, while the Cboe Volatility Index (VIX) is on track to end a three-day winning run.

Midday Market Stats March 272024

Options traders are blasting GameStop Corp (NYSE: GME) after the company reported a decline in fourth-quarter revenue compared to the past year. The video game retailer also reduced its workforce by an unclear amount in order to cut costs. In response, total options volume is running at eight times average intraday amount, with 80,000 calls and 60,000 puts exchanged so far. The most popular contract is the weekly 3/28 12.50-strike put, followed by the 12-strike put from the same series. Last seen down 14.8% to trade at $13.21, the former meme stock is now off by 24.7% in 2024.

GME Chart March 272024

Shares of Cincinnati-based uniform rental firm Cintas Corp (Nasdaq: CTASscored a new record high of $701.94 after the company announced a beat-and-raise. The stock was last seen 9.8% higher to trade at $695.65, and now boasts a 55.9% year-over-year lead.

Meanwhile, near the bottom of the Nasdaq after earnings is Direct Digital Holdings Inc (Nasdaq: DRCT). The stock was last seen 43.5% lower at $14.97 after the company's fourth-quarter results and full-year outlook both missed analyst estimates. Still, year over year, DRCT is up 377.7%.

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