Stocks Edge Higher After Sign Of Slowing Economy

Stocks are moderately higher this afternoon, after an unexpected jump in jobless claims brought them to their highest level in 2023, suggesting the economy may be slowing down. Investors are still honed in on tomorrow's nonfarm payrolls data, though, which may influence the central bank's interest rate decision. The Dow Jones Industrial Average (DJI) is 65 points higher midday, while the S&P 500 Index (SPX) and Nasdaq Composite Index (IXIC) also sport solid gains.

MMC Stats 0309

Asana Inc. (NYSE: ASANis 22.9% higher to trade at $21.88 at last glance, after the software name shared better-than-expected fourth-quarter results and an upbeat 2024 forecast. The company's CEO also revealed plans to purchase up to 30 million shares, with the security attracting at least six price-target hikes in response. Options volume is now running at 15 times the intraday average, with 26,000 calls and 12,000 puts traded so far. The most popular is the March 17.50 call, but new positions are being opened at the 24 call in the same monthly series. ASAN is trading at its highest level since November and now boasts a 59.9% year-to-date lead.

Topping the Nasdaq today is Ocean Biomedical Inc (Nasdaq: OCEA), last seen up 66.3% at $7.80. Today's bull gap followed the release of research data on anti-tumor pathway discoveries and their potential for treatment for certain types of lung cancer, melanoma, and glioblastoma. The security is no stranger to sharp moves, recently surging to a Feb. 23, all-time high of $26.60. Year-to-date, OCEA is down 13%.

Meanwhile, SVB Financial Group (Nasdaq: SIVBis the worst stock on the Nasdaq. The security is down 40.6% at $158.98 at last check, as it paces for its worst day in over 20 years, after lowering its 2023 forecast and announcing a $1.75 billion convertible stock offering. Plus, the company sold a $21 billion portfolio of U.S. Treasury and agency securities at a $1.8 billion after-tax loss. SIVB today breached the 40-day moving average amid bear notes, as it adds to its steep 70.2% year-over-year deficit.

SIVB 80 Day

More By This Author:

S&P 500, Nasdaq Pare Losses For Slight Gains
Stocks Mixed Midday After Fed Comments, Employment Report
Dow Snaps 4-Day Win Streak With 574-Point Loss
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.