S&P 500 Set to Snap 4-Day Win Streak Despite Jobs Data

Investors are closely monitoring the 5- and 30-year Treasury yields

Deputy Editor
Mar 30, 2022 at 12:09 PM
facebook twitter linkedin

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 dataInventors 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.

Midday Market Stats March 30

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%.

HOOD Chart March 30

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%.


Stop leaving money on the table with the same old broken options trading approach...

There is no options strategy that more perfectly capitalizes during earnings season better than this simple call and put buying strategy. Perfect for aggressive traders looking to recover their suffering portfolios so far in 2022. With the simplest possible options strategy, Schaeffer's team with 100+ years of options trading excellence, target 200% gains on every single trade. So many trades are being beaten down by the market, but don't be one of them! Don't waste another second... join us right now before the next trade is released! 

Best stocks for October and worst stocks for October


Special Offers from Schaeffer's Trading Partners