S&P 500 Set To Snap 4-Day Win Streak Despite Jobs Data

Stocks are still in the red this afternoon, though the major indexes have pared some of their pre-market losses on the heels of employment data. Inventors are still monitoring Ukraine updates, as well as the 5- and 30-year Treasury yields, which recently saw their first inversion since 2016. The Dow Jones Industrial Average (DJI) is down 61 points at midday, while the S&P 500 Index (SPXis on track to snap a four-day win streak. Meanwhile, the Nasdaq Composite (IXIC) stands firmly in red territory.

Midday Market Stats March 30

One stock seeing notable options activity today is Robinhood Markets Inc (NYSE: HOOD). Already, 109,000 calls and 48,000 puts have crossed the tape, or triple the intraday average. New positions are now being opened at the most popular contract, which is the 4/1 15-strike call. HOOD was last seen down 5.7% at $15.01 after Morgan Stanley initiated coverage with an "equal weight" rating, as well as a $15 price target. A ceiling at the $16 area has been in place since January, though the stock is once again trading above the 40-day moving average. Year-to-date, Robinhood Markets stock is down 15.6%.

HOOD Chart March 30

Near the top of the Nasdaq, today is Adagio Therapeutics Inc (Nasdaq: ADGI), last seen up 53% at $5.89. This bull gap came after the company said its Covid-19 antibody therapy met key goals in a mid-to-late stage trial while noting plans to seek Emergency Use Authorization in the U.S. Adagio Therapeutics stock is rebounding from a March 28, all-time low of $3.67, but is far off its Nov. 30, all-time high of $78.82. Year-to-date, ADGI is down 22.1%. 

Meanwhile, Concentrix Corp (Nasdaq: CNXC) is trading near the bottom of the Nasdaq. The security is down 9% to trade at $179.11 at last check, despite reporting upbeat fiscal first-quarter earnings and revenue results. Now trading just below its year-to-date breakeven level, Concentrix stock has a lot of ground to cover to reclaim its Feb. 10 record high of $208.48. Over the last 12 months, CNXC added 21.6%.

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

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.