Stock Rally Takes Breather as Key Jobs Data Rolls In

Investors are still eyeing the latest vaccine update from Pfizer

Digital Content Manager
Dec 8, 2021 at 12:15 PM
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The market's impressive rebound is taking a breather at midday, with the Dow Jones Industrial Average (DJI) last seen down 88 points, while the S&P 500 (SPX) and Nasdaq Composite (IXIC) are flat. Wall Street is eyeing preliminary data from Pfizer (PFE) that three doses of its vaccine effectively neutralizes the Covid-19 omicron variant, while two doses could protect against more serious cases. On the data front, the Job Openings and Labor Turnover Survey (JOLTS) reading for October rose 4.1% to a near record high, while the number of people who left their jobs fell by 4.7% to 4.16 million. 

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

  • How red-hot Toll Brothers stock nabbed fresh record highs.
  • Bears are targeting this RV stock, despite an earnings beat. 
  • Plus, TME rising from record lows; EFOI reclaims key level; and NVEI plummets on analyst rating.

midday stats dec 8

Tencent Music Entertainment Group (NYSE:TME) is seeing a surge in bullish options trading today, with 27,000 calls across the tape so far -- five times the intraday average -- compared to 3,208 puts. The Most popular by far is the January 2022 15-strike call, where positions are being bought to open. TME was last seen up 3.9% at $7.04, in an attempt to create distance from its Dec. 6 record low of $5.90. News that China's central bank would ease some of its monetary conditions provided some relief during yesterday's trading, too, though the security is still down 63.8% in 2021. 

One of the best stocks on the Nasdaq today is Energy Focus Inc (NASDAQ:EFOI), after the company said it would launch its nUVo™ virus-targeted ultraviolet light (UVC) air disinfectors to the public. EFOI is up 87.1% at $3.65, and looks ready to reclaim its 100-day moving average, which has been pressuring the shares lower since June, though it remains down 5.5% year-to-date.

efoi mmc dec 8

Nuvei Corp (NASDAQ:NVEI) is one of the worst performing stocks on the Nasdaq, last seen down 42% at $56.49, after Spruce Point Capital Management stated in a report the stock could face up to 40%-60% long-term downside risk, while rating it a "strong sell." Spruce Point added that under the leadership of CEO and founder Phillip Fayer, the company has undergone several rebrands and demonstrated "a pattern of shady business practices." NVEI is down 6.9% this year, and earlier hit a two-year low of $43.10. 

 

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