S&P 500, Nasdaq Looking to Extend Daily Win Streak

Investors are unpacking better-than-expected nonfarm payrolls for June

Digital Content Manager
Jul 8, 2022 at 11:57 AM
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Stocks are modestly higher this afternoon, reversing this morning's losses as investors unpack a strong jobs report for June. Specifically, nonfarm payrolls came in at a better-than-expected 372,000; however, many on Wall Street are concerned this will encourage the Federal Reserve to pursue more aggressive interest rate hikes in the next few months.

Nevertheless, the Dow Jones Industrial Average (DJI) was last seen up 68 points. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also above breakeven, with both eyeing a fifth-straight daily win. For the week, all three major benchmarks are pacing for solid gains as well.

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

  • Twitter stock plummets on buyout uncertainty
  • Quarterly miss pressures WD-40 stock lower.
  • Plus, options traders eye LEVI after earnings; SRG pops on SEC filing; and preliminary results weigh on Upstart stock.

MMC Stats 0708

Levi Strauss & Co. (NYSE:LEVI) is seeing an unusual amount of options activity today, after the apparel retailer saw a second-quarter earnings and revenue beat. So far, 8,832 calls and 5,803 have been traded, which is 14 times what is normally seen at this point. Most popular is the July 15 put, followed by the 18 call in that series. The security was up 2.4% to trade at $16.81 at last check, brushing off no less than four post-earning price-target cuts. Despite this pop, Levi Strauss stock is still eyeing a close below resistance at its $17.50 level, with the 80-day moving average pressuring shares lower since November. Year-to-date, LEVI is now down 33.2%.

The best performing equity on the Nasdaq so far today is Seritage Growth Properties (NYSE:SRG). Last seen up 58.3% at $9.61, the security yesterday filed its preliminary proxy materials with the U.S. Securities and Exchange Commission (SEC), and is seeking shareholder approval for a plan of sale. SRG is currently trading at its highest level since May, while eyeing its first close above the 80-day moving average since late April. In the past 12 months, SRG has shed 42.4%, though.

SRG 80 Day

Among the worst stocks on the Nasdaq is Upstart Holdings Inc (NASDAQ:UPST), last seen down 20% to trade at $26.97. Today's massive dip came after the lending concern issued dismal preliminary results for its second quarter, citing constrained marketplace funding due to macroeconomic concerns. The stock has struggled with a ceiling at the $40 region since June, and is trading dangerously close to its May 11, one-year low of $25.43. UPST is down 82.2% so far this year.


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