Stocks Pacing for Weekly Losses Despite Strong Jobs Data

A rising 10-year Treasury yield is sparking recession fears

Deputy Editor
Jun 3, 2022 at 12:05 PM
facebook twitter linkedin

Wall Street is unpacking a strong jobs report this afternoon, though stocks are sliding as economists weigh the U.S. Federal Reserve's plans to continue hiking interest rates. The jobs data also boosted the 10-year Treasury yield, which at one point was above 2.96%, sparking recession fears.

At last check, the Dow Jones Industrial Average (DJI) is 341 points lower, while the Nasdaq 100 Index (NDX) also carries a triple-digit loss, and the S&P 500 Index (SPX) sits firmly in the red. As a result, all three major benchmarks are eyeing weekly losses.

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

  • This tech ETF might have finally found its bottom.
  • 2 companies placed takeover bids on this retailer.
  • Plus, Dropbox stock sees options surge; biotech stock pops despite dismal drug data; and HCP nabs post-earnings bear notes.

Midday Market Stats June 3

Dropbox Inc (NASDAQ:DBX) is seeing an unusual amount of bullish activity in its options pits today. The equity, which was 6.1% higher at $22.81 at last check, has so far seen 36,000 calls traded, or 29 times the intraday average, compared to just 3,329 puts. The most popular contract is the 6/3 22.50-strike call, followed by the 22-strike call in the same weekly series, with new positions being opened at both. Wall Street is forecasting Dropbox to post $569.38 million in sales for the current quarter. Year-to-date, though, DBX remains down 5.8%.

One of the best performing stocks on the Nasdaq today is Mirati Therapeutics Inc (NASDAQ:MRTX). The security was last seen up 10.3% at $44.42, as it attempts to recover from a May 27, roughly four-year low of $32.96, despite two price-target cuts. MRTX has cratered in recent sessions, after disappointing test results for lung cancer drug adagrasib led analysts to doubt the company's ability to compete with rival Amgen (AMGN). The 50-day moving average has kept a lid on the shares for all of 2022, a time in which Mirati Therapeutics stock shed 69.6%.

MRTX Chart June 3

One of the worst performers on the Nasdaq is HashiCorp Inc (NASDAQ:HCP), after the security saw a flurry of post-earnings bear notes. HCP was last seen 21.7% lower to trade at $32.33, with four analysts slashing their price targets, after the company's first-quarter losses of 17 cents per share, and current-quarter loss expectations. The equity is off 64.4% year-to-date, and trading well below its December initial public offering (IPO) price of $80 per share.


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! 

Schaeffer's Daily Bulletin Offer


Special Offers from Schaeffer's Trading Partners