Investors Search For Clues In Economic Data, Recession Signals

Stocks are extending this morning's quiet losses, as investors continue to keep an eye on signs of an oncoming recession. The Federal Reserve's June meeting minutes is due out this afternoon, with plenty of economic data to unpack in the meantime. The Job Openings and Labor Turnover Survey Survey (JOLTS) for May showed a steep drop in job openings from the previous month, while the ISM Services Index reading of 55.3 came in above estimates of 51.4, signaling expansion. Meanwhile, oil prices are continuing to fall, with West Texas Intermediate (WTI) crude down 4% at last glance. 

MMC July6

Sarepta Therapeutics Inc (Nasdaq: SRPTis seeing a lot of volume in its typically quiet options pits, with total volume running at 17 times the intraday average. The August 80 call is the most popular, followed by the 60 put in the same series, with new positions being bought to open at both. Sarepta and its partner Roche presented new positive results at the International Congress on Neuromuscular Diseases (ICNMD), but the stock is down 1% at $75.00 at last check.

Resolute Forest Products Inc (NYSE: RFPis at the top of the New York Stock Exchange (NYSE) today, last seen up 64.5% to trade at $20.55, after news that its Canada-based peer Paper Excellence will buy the company for $2.7 billion. Now trading at its highest levels in 11 years, RFP is up 34.3% year-to-date. 

Meanwhile, Kornit Digital Inc (Nasdaq: KRNT) is one of the worst stocks on the Nasdaq today, down 33.4% to trade at $20.97 -- a new three-year low. The company slashed its second-quarter revenue forecast, after which Stifel downgraded the stock to "hold" from "buy" while halving its price target to $50 from $100. Citigroup added in a bear note as well, cutting its price target to $50 from $90. Year-to-date, the equity is down 86.2%, with several short-term moving averages lingering above as pressure, including the 20-day trendline. 

KRNT July6

More By This Author:

Dow Loses Nearly 130 Points as Recession Anxieties Crop Up
Dow Drops Over 700 Points as Recession Fears Simmer
Stocks Nab Weekly Losses Despite Friday Sprint Higher

How did you like this article? Let us know so we can better customize your reading experience.


Leave a comment to automatically be entered into our contest to win a free Echo Show.