Stocks Mixed as Debt Ceiling Optimism Trumps Jobs Report

Congress came to a short-term debt limit agreement yesterday

Assistant Editor
Oct 8, 2021 at 11:51 AM
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Stocks are a mixed bag this afternoon, pressured by a disappointing employment report that revealed the economy added far less jobs in September than Wall Street anticipated. However, optimism surrounding the short-term debt ceiling deal is keeping losses in check, while the three major benchmarks are on pace for weekly wins. 

At last check, the Dow Jones Industrial Average (DJI) is up around 36 points, while the Nasdaq Composite (IXIC) is trading in the red, and the S&P 500 Index (SPX) sits right around breakeven. Elsewhere, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), is heading toward its fourth-straight day in the red and its lowest close since Sept. 24. 

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

  • Why one analyst likes Oatly stock.
  • More on the latest cannabis ETF launch.
  • Plus, options bears blast TRIP; Renren's unprecedented settlement; and Blue Apron stock powers down.

Midday Market Stats October 8

Tripadvisor Inc (NASDAQ:TRIP) is catching a lot of bearish attention at midday, with 1,141 calls and 4,719 puts exchanging hands so far. The two most popular contracts are the  weekly 10/29 30-strike put and the weekly 10/15 32-strike put, with new positions being bought to open at each. At last check, TRIP is up 1.8% at $36.59, well below its March 15 five-year peak of $64.95. Tripadvisor stock still has support from the 320-day moving average, while the 200-day trendline sits above.

TRIP Chart October 8

At the very top of the New York Stock Exchange (NYSE) today is Renren Inc (NYSE:RENN), last seen up 40% at $23.24 following an unprecedented $300 million settlement. According to reports, Renren insiders allegedly plotted to take the company's billion-dollar investment portfolio for themselves, and the resulting settlement not only represents more than the damages originally pleaded, but also one of the largest ever derivative recoveries. Earlier touching an all-time high of $24.39, Renren stock now boasts a 397.7% year-to-date lead.

On the opposite end, Blue Apron Holdings Inc (NYSE:APRN), was last seen down 10.3% at $7.11, near the bottom of the NYSE although the reason for today's dip is unclear. The meal delivery stock is clinging to a 4.3% year-over-year lead, but the $3.50 level -- home to its annual lows -- remains a stable floor.

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