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Dow Drops Triple Digits as Economic Data Weighs

Jobless claims are now at 30 million over the last six weeks

Deputy Editor
Apr 30, 2020 at 12:08 PM
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The Dow Jones Industrial Average (DJI) is off by triple-digits, last seen down over 250 points as economic data overshadows a busy day of earnings reports. Jobless claims for last week came in at 3.84 million, toppling the 3.5 million estimate and bringing the coronavirus pandemic's toll to 30 million lost jobs. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also in the red, as personal income fell 2% in March, while consumer spending dropped 7.5% last month. Nevertheless, as April winds down, all three benchmarks are cruising toward sizable monthly wins.

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

  • This retailer just turned in its first quarterly loss in nearly 20 years. 
  • See why Microsoft stock received 10 price-target hikes this morning. 
  • Plus, LUV options traders target bounce; bull notes galore for ServiceNow stock climbing after earnings; and Chesapeake Energy mulls bankruptcy.

Midday Market Stats April 30

One stock seeing notable options trading activity today is Southwest Airlines Co (NYSE:LUV). The airline stock was last seen trading at $31.11, after receiving an upgrade to "buy" from "hold" at Stifel. At last check, just over 40,000 calls have crossed the tape, four times the average intraday amount and volume ranking in the 99th percentile of its annual range. The most popular option is the weekly 5/1 32-strike call, while new positions are being opened at the May 32 call. 

One stock climbing the New York Stock Exchange (NYSE) today is ServiceNow Inc (NYSE:NOW), up 10.9% to trade at $357.59 at last check. The cloud software company beat Wall Street's estimates in both earnings and revenue today, thanks to a spike in subscription revenue. No fewer than 11 brokerages have issued price-target hikes in response, including to $405 from $350 at Wells Fargo NOW is up 26% this year, and is eyeing its Feb. 19 record high of $362.95.

NOW Chart April 30

Meanwhile, at the very bottom of the NYSE is Chesapeake Energy Corporation (NYSE:CHK), last seen down 30.6% to trade at $17.85. The hydrocarbon explorer saw its stock fall amid a Reuters report that the company was preparing to file for bankruptcy. As a result, CHK is down 89% year-to-date, and is nearing its April 20 all-time-low of $12.30.

 

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