Dow Eyes Worst Week Of 2024 Despite Today's Rally

The Dow Jones Industrial Average (DJI) and Nasdaq Composite (IXIC) are once again attempting to rally, each boasting a triple-digit midday lead despite surging bond yields. The S&P 500 Index (SPX) is higher as well, as investors unpack hotter-than-expected nonfarm payrolls data, which points to a strong labor market but potentially hinders the prospect of interest rate cuts this summer. All three major indexes are on track for substantial weekly losses, with the Dow in particular pacing for its worst week since August.

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Bumble Inc (Nasdaq: BMBL) is seeing increased bearish activity in the options pits today, with 50,000 puts across the tape so far -- 22 times the intraday average volume -- compared to just 201 calls. Most active is the weekly 5/10 8.50-strike put, where new positions are being bought to open. This morning, Raymond James issued a downgrade to "market perform" from "outperform," sending BMBL down 1.7% to trade at $10.63 and expanding the year-to-date deficit to 27.7%.

GCT Semiconductor Holding Inc (NYSE: GCTSstock is up 53.4% to trade at $8.79, pacing the New York Stock Exchange (NYSE), after the chipmaker signed a deal with state-owned Aramco to accelerate the development of the 4G and 5G Saudi Arabian ecosystem. GCTS surged to a March 27, record high of $55, but still carries a 16.6% deficit for 2024.

Toward the bottom of the NYSE, meanwhile, is Ermenegildo Zegna NV (NYSE: ZGN). Shares were last seen down 15.8% to trade at $11.75, earlier slipping to their lowest level since January, despite a 19.3% increase in full-year organic revenue a 20% hike to its annual dividend amid strong demand. Shares are gapping firmly below the 60-day moving average, and shed 13% in the last six months. 

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