Dow Drops Triple Digits; S&P 500 Set to Snap 8-Day Win Streak

Investors are unpacking plenty of economic data

Deputy Editor
Nov 9, 2021 at 12:23 PM
facebook X logo linkedin


The major benchmarks are sinking this afternoon, with the Dow Jones Industrial Average (DJI) down 189 points midday. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are significantly lower as well, while the former is set to snap an eight-day win streak -- its longest since April 2019.

The October producer price index (PPI) reading rose 0.6%, as expected, marking an 8.6% year-over-year jump. Meanwhile, the National Federation of Independent Business (NFIB) survey showed small business confidence dropping 0.9 points to 98.2 last month -- its lowest level since March. 

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

  • Analyst calls Cinemark stock a top recovery play. 
  • General Electric stock hits multi-year highs on spinoff buzz
  • Plus, options traders target tumbling PYPL; and 2 stocks on J.P. Morgan's radar after earnings. 

MMC 1109

PayPal Holdings Inc (NASDAQ:PYPL) is seeing a surge in options activity after its dismal third-quarter report. So far, 351,000 calls and 168,000 puts have crossed the tape, which is six times the intraday average. The weekly 11/12 210-strike call is the most popular, followed by the weekly 11/12 200-strike put, with new positions being opened at both. Down 12.1% to trade at $201.74 at last check, it's also worth noting that PYPL has landed on the Short Sale Restricted (SSR) list today. 

Near the top of the New York Stock Exchange (NYSE) today is New Relic Inc (NYSE:NEWR), up 30.2% to trade at $118.38 at last check, after the company posted narrower-than-expected fiscal second-quarter losses per share, as well as a revenue beat. J.P. Morgan Securities upgraded the stock to "overweight" from "underweight," with a lofty price-target hike to $150 from $70, while no fewer than six other firms raised their price targets as well. Gapping to fresh record highs, NEWR is up 81.4% year-to-date. 

newr mmc 1109

Conversely, Lifestance Health Group Inc (NASDAQ:LFST) is plummeting to record lows after its dismal third-quarter report, down 30.5% to trade at $8.92 at last check. J.P. Morgan Securities downgraded the stock to "neutral" from "overweight," with a price-target cut to $12 from $24. Three other analysts chimed lowered their price objectives as well. Publicly traded since June, LFST is down 61.5% in the last three months.

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI