Dow, S&P 500 Extend Losses After Record-Breaking Session

Disappointing jobless claims data is keeping Wall Street in check

Digital Content Manager
Nov 25, 2020 at 11:58 AM
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The Dow Jones Industrial Average (DJI) is down 150 points at midday, as Wall Street takes a breather after yesterday's historic milestone. The blue-chip index is extending this morning's losses after jobless claims came in at 778,000 for the week, higher than the the 733,000 anticipated by analysts. The S&P 500 Index (SPX) is dropping as well -- with today's losses attributed to the energy and financial sectors -- while the tech-rich Nasdaq Composite (IXIC) is marginally higher. Elsewhere, the broad market pullback has hit the red-hot small-cap Russell 2000 Index (RUT), which is on track to snap a four-day win streak.

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

  • Bull notes poured in for Dell stock following earnings beat.
  • Diving deep into Carnival stock amid its month-long rally.
  • Plus, bulls blast software stock post-earnings; luxury vehicle stock surges after new Citigroup coverage; and Gap stock plummets despite bull notes.
MMC 1125
 
One stock seeing notable options activity today is Autodesk, Inc. (NASDAQ: ADSK), up 5.9% at $274.17 at last check, and earlier hitting an record high of $282.49. This comes after the software name reported better-than-expected third-quarter earnings thanks to a 24% year-over-year rise in subscriptions plans. As a result, ADSK earned no less than five price-target hikes, including one from RBC to $300 from $265. So far, 12,000 calls have crossed the tape -- 15 times the average intraday amount. Most popular is the weekly 11/27 280-strike call, where new positions are being opened. Year-over-year, ADSK is now up 60.3%. 
 
 Surging on the New York Stock Exchange (NYSE) is Fisker Inc (NYSE:FSR), up 17.2% at $60.51 at last check. Today's massive bull gap came after Citigroup initiated coverage of the security with a "buy" rating and a $26 price target. The analyst in coverage said the luxury vehicle company could build a strong brand, and has potential for growth. On the charts, the security has been carving a channel of higher highs over the last month after an Oct. 28, all-time-low of $8.70. Year-over-year, FSR is up 88.6%.
 
Meanwhile, dropping lower is Gap Inc (NYSE: GPS), last seen down 18% at $22.03. The negative price action came after the retailer reported a third-quarter earnings miss. Still, the security earned three-price target hikes this morning, including one from B Riley to $31 from $22. The company attributed the lackluster results to higher marketing and shipping costs, and posted a muted fourth-quarter outlook. Prior to today's drop, Gap stock had scored a Nov. 24, annual high of $26.99, with support from the 40-day moving average. This trendline has caught the stock's dip today. Year-over-year, GPS remains up 28.2%.

 

GPS 40 Day

 

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