The SPX and COMP are set to snap six-week winning streaks
The Dow Jones Industrial Average (DJIA) has pared its early gains, but stocks remain mostly higher following this morning's strong jobs report. Not only did February's nonfarm payrolls report crush expectations, but the unemployment rate also dropped. As such, the Fed is largely expected to raise interest rates at next week's meeting. Elsewhere, oil prices are falling once again, with April-dated crude futures down 0.3% at $49.12 per barrel, putting the commodity on pace for its worst week in five months. And although the Nasdaq Composite (COMP) and S&P 500 Index (SPX) are trading higher with the Dow, all three indexes remain in the red for the week, with the COMP and SPX set to snap a six-week win streak.
Continue reading for more on today's market -- and don't miss:
- The gold ETF flashing a "buy" signal.
- Analysts: This fast-food stock could surge 40%.
- Plus, Signet Jewelers call volume explodes, VeriFone falls, and the biotech getting crushed this week.
Among the names seeing accelerated options trading today is Signet Jewelers Ltd. (NYSE:SIG), with the shares gaining for the second straight day after yesterday's earnings release. The stock was last seen 1.1% higher at $70.79, and more than 9,700 calls have traded so far, compared to fewer than 500 expected. While the data isn't clear, one trader may have sold to close 2,500 April 75 calls and rolled his position up by buying 2,500 April 85 calls. With today's gain, SIG is set to topple its 20-day moving average for the first time since early January, when the shares were trading near $95.
Looking at the bottom of the New York Stock Exchange today, payment processor VeriFone Systems Inc (NYSE:PAY) is underperforming, last seen 5.2% lower at $19.29, following the company's earnings release last night. However, PAY could see support near the $19 level, which is home to its 50-day moving average.
One of the big losers on the Nasdaq, meanwhile, is biotech concern Ionis Pharmaceuticals Inc (NASDAQ:IONS), as the stock's ugly week continues. The shares were last seen 10.3% lower at $41.10, after Goldman Sachs downgraded them to "sell" from "neutral," while cutting its price target to $25 from $28. IONS is now on pace to close below its 20-week moving average for the first time since November.
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