The Dow and Nasdaq are also eyeing losses at midday
Stocks are still in the red this afternoon, though the major indexes have pared some of their pre-market losses on the heels of employment data. Inventors are still monitoring Ukraine updates, as well as the 5- and 30-year Treasury yields, which recently saw their first inversion since 2016. The Dow Jones Industrial Average (DJI) is down 61 points at midday, while the S&P 500 Index (SPX) is on track to snap a four-day win streak. Meanwhile, the Nasdaq Composite (IXIC) stands firmly in red territory.
Continue reading for more on today's market, including:
- Apparel retailer extends rally after earnings.
- Why Loop Capital downgraded Wayfair stock.
- Plus, options traders blast HOOD; pharma stock pops on Covid-19 treatment results; and Concentrix stock plummets despite quarterly win.
One stock seeing notable options activity today is Robinhood Markets Inc (NYSE:HOOD). Already, 109,000 calls and 48,000 puts have crossed the tape, or triple the intraday average. New positions are now being opened at the most popular contract, which is the 4/1 15-strike call. HOOD was last seen down 5.7% at $15.01, after Morgan Stanley initiated coverage with an "equal weight" rating, as well as a $15 price target. A ceiling at the $16 area has been in place since January, though the stock is once again trading above the 40-day moving average. Year-to-date, Robinhood Markets stock is down 15.6%.
Near the top of the Nasdaq today is Adagio Therapeutics Inc (NASDAQ:ADGI), last seen up 53% at $5.89. This bull gap came after the company said its Covid-19 antibody therapy met key goals in a mid-to-late stage trial, while noting plans to seek Emergency Use Authorization in the U.S. Adagio Therapeutics stock is rebounding from a March 28, all-time low of $3.67, but is far off its Nov. 30, all-time high of $78.82. Year-to-date, ADGI is down 22.1%.
Meanwhile, Concentrix Corp (NASDAQ:CNXC) is trading near the bottom of the Nasdaq. The security is down 9% to trade at $179.11 at last check, despite reporting upbeat fiscal first-quarter earnings and revenue results. Now trading just below its year-to-date breakeven level, Concentrix stock has a lot of ground to cover to reclaim its Feb. 10 record high of $208.48. Over the last 12 months, CNXC added 21.6%.