Major Indexes Hit Record Highs Despite Disappointing Jobs Data

Rising COVID-19 cases are dampening investors' spirits

Assistant Editor
Dec 4, 2020 at 11:55 AM
facebook twitter linkedin

Stocks are on pace to close the session and week with wins, all three having already hit a fresh record intraday high. The Dow Jones Industrial Average (DJI) is spearheading the charge with a 178 point lead at midday, despite a dismal November jobs report. The disheartening number, however, could be seen as a positive, as it may light a fire under lawmakers to quickly move forward with additional fiscal stimulus. Elsewhere, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are higher as well, with the former piggybacking off of gains in the energy sector to notch yet another all-time high. Still, the surge in coronavirus cases seen in the U.S. and abroad is keeping a lid on gains.

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

  • Why Netflix stock fell despite bull note.
  • How has Toll Brothers stock fared of late?
  • Plus, more on DOCU's post-earnings moves; why Pagerduty is seeing a surge on the charts; and how Yext stock is faring following its quarterly report.

Midday Market Stats December 4

One stock seeing notable options activity today is Docusign Inc (NASDAQ:DOCU), which was last seen up 7.1% at $247.37. This comes after the company posted an upbeat third-quarter earnings report, which resulted in a slew of bull notes for the equity. Meanwhile, 68,000 calls and 26,000 puts have crossed the tape so far today -- 12 times the intraday average and volume pacing in the top percentile of its annual range. The three most popular contracts are the weekly 12/04 260-,250-, and 255-strike calls, with new positions being opened at each. 

Meanwhile, one stock surging on the New York Stock Exchange (NYSE) today is Pagerduty Inc (NYSE:PD). PD was last seen up 17.4% to trade at $38.00, after the company reported a better-than-expected fourth-quarter outlook. The news has Pagerduty stock trading at its highest level since August 2019 and up 62.2% year-to-date.

Elsewhere, at the other end of the NYSE, Yext Inc (NYSE:YEXT) is down 15% to trade at $16.40. Despite reporting better-than-expected quarterly results, the equity's outlook seems bleak. Today's slip has YEXT poised to close below $16.50 for the first time since Oct. 9, and below its 150-day moving average for the first time since mid-September. Still, Yext stock has managed a 14.3% rise in 2020.

YEXT Chart December 4

Begin the New Year With Schaeffer's 7 FREE 2022 Stock Picks!



Special Offers from Schaeffer's Trading Partners