Dow Deep in the Red as Oil Surges

Monthly payrolls declined for the first time since 2010

Deputy Editor
Apr 3, 2020 at 12:13 PM
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The Dow Jones Industrial Average (DJI) is sitting with modest losses at midday, down nearly 400 points. The Nasdaq Composite (IXIC) and S&P 500 Index (SPX) are following the Dow's lead with steep slides, as the Labor Department's nonfarm payrolls report fell by 701,000 in March for the first jobs decline in a decade.

The coronavirus pandemic continues to wreak havoc, with New York governor Andrew Cuomo reporting the state's biggest one-day spike in deaths yesterday. Meanwhile, energy stocks continue to be in the spotlight as oil prices rise, with May-dated crude up 4.9% at $26.60 per barrel at last check.

Continue reading for more on today's market, including: 

  • Apple is keeping its U.S. stores closed until early May.
  • White House pressure is weighing on 3M stock.
  • Plus, HUYA calls being sold; Live Nation stock floundering; and FC roars higher post-earnings.

Midday Market Stats April 3

One stock seeing notable options trading activity today is HUYA Inc (NYSE:HUYA). The Guangzhou-based broadcasting namewas last seen down 3.5% to trade at $16.40. At last check, nearly 2,500 HUYA calls have changed hands, double the average intraday amount. The weekly 4/9 17-strike call is leading the charge, where it looks like sell-to-close activity is detected. Elsewhere, new positions are being sold to open at the weekly 4/3 17.50-strike call.

One stock that unsurprisingly finds itself at the bottom of the S&P 500 this morning is ticket selling giant Live Nation Entertainment (NASDAQ: LYV), down 6% to trade at $31.91 at last check. LYV's fall from grace comes as global lock-downs force live events to be postponed or altogether cancelled, effectively eradicating the entertainment ticket industry. Echoing this is LYV's chart position, with its 20-day moving average acting as a stiff ceiling to the stock's recent breakout.

LYV Chart2

Meanwhile, one stock flying high today is Franklin Covey Co (NYSE:FC), last seen up 9.6% to trade at $16.84 at last check. Currently, FC is set to close above its 20-day moving average for the first time since late February. A second quarter earnings beat is powering today's breakout, but the stock is still down almost 50% year-to-date.

 

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