Markets Temper Midday as Traders Brush off Upbeat Jobs Data

Jobs openings jumped to 7.4 million in February

Assistant Editor
Apr 6, 2021 at 12:27 PM
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Stocks are struggling for direction at midday, with all three major benchmarks hovering near breakeven. This comes just one session after the Dow Jones Industrial Average (DJI) -- which was last seen down around 48 points -- and S&P 500 Index (SPX) closed at record highs, though the latter is looking at modest gains at midday. Meanwhile, the Nasdaq Composite (IXIC) is in the black, likely due to the retreating 10-year Treasury yield.

In other news, the Labor Department released upbeat job openings data for February earlier today. According to its Job Opening and Labor Turnover Survey (JOLTS), job openings jumped by 268,000 to 7.4 million, above the expected total of 7 million.

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

  • SNAP looks to extend rebound following analyst praise.
  • Cara Therapeutics stock moves higher on index update.
  • Plus, options bulls blast TWTR; restaurant stock soars thanks to revenue jump; and ARES dips after stock offering.

Midday Market Stats April 6

One stock receiving an unusual amount of bullish attention today is Twitter Inc (NYSE:TWTR). So far, 75,000 calls have exchanged hands, which is twice the intraday average, and more than four times the number of puts traded. The weekly 4/9 70-strike call is the most popular, with new positions being opened there. At last check, TWTR is up 4.8% to trade at $67.30, though a catalyst is unclear. On the charts, Twitter stock is set to close above the $66 level for the first time since mid-March, with support from the 60-day moving average. Year over year, TWTR boasts a 167.8% year-over-year lead.

TWTR Chart April 6

One stock sitting near the top of the Nasdaq today is BBQ Holdings (NASDAQ:BBQ). The security was last seen up 20.6% at $10.94 -- its highest level in roughly six years -- following the release of its fourth-quarter earnings report. The Famous Dave's parent reported revenue that rose nearly 50% to $34.3 million, and notched a price-target hike from Craig-Hallum to $15 from $5 in response. The security also has support from the 60-day moving average, and year-over-year BBQ sports a staggering 598.2% lead.

Ares Management Corp Class A (NASDAQ:ARES) is one of the worst performers on the Nasdaq today, down 7.8% to trade at $54.52 at last check. Despite closing its largest U.S. real estate equity fundraise with $1.7 billion in commitments, the company's stock offering of 9.5 million shares at $54 per share is dragging down ARES. Just yesterday, the security toppled overhead pressure at the $56 mark to hit all-time-high of $59.16, though it is now back below that level. Still, Ares Management stock remains up 15.1% year-to-date.

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