More Inflation Data Pressures Stocks Even Lower

Inflation concerns are weighing on high-flying tech stocks this "Triple Witching" Friday, sending the Nasdaq Composite (IXIC) down more than 123 points to snag a weekly loss. The S&P 500 Index (SPX) and Dow Jones Industrial Average (DJI) sport more modest midday losses, but the latter is on track to turn in gains on the week. 

Midday Market Stats March 152024

Ulta Beauty Inc (Nasdaq: ULTAis 7.1% lower at $525.31 at last check, after the beauty retailer's full-year guidance fell on the lower end of estimates. And while the firm beat fourth-quarter earnings and revenue forecasts, put traders are still piling on the equity. So far today, 15,000 puts and 14,000 calls have traded hands, volume that is eight times the intraday average amount. New positions are opening at the top four most popular contracts, led by the March 500 put that expires at the end of today's session. Despite today's dip, ULTA still boasts a 7.8% year-to-date lead, with support captured at the aforementioned $500 level.

Shares of Cardlytics Inc (Nasdaq: CDLXare 51.2% higher at $12.38 to trade near the top of the Nasdaq. Following an upbeat fourth-quarter report and first-quarter revenue outlook, Craig-Hallum upgraded the stock to "buy" and hiked its price target to $18. Year over year, CDLX is up nearly 275%, and on track for its best day since April 2023.

Adobe Inc (Nasdaq: ADBEis 13.9% lower at last glance to trade near the bottom of the Nasdaq. This fall comes after the tech giant issued a weaker-than-expected revenue outlook for the second quarter, leading to a barrage of bear notes. Last seen trading at $491.16, ADBE is trading at its lowest level since July 2023.

ADBE Chart March 152024

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