Major Indexes Muted Following Strong Jobs Report

The tech-heavy Nasdaq is eyeing its third-straight weekly win

Digital Content Manager
Aug 5, 2022 at 12:03 PM
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It's been a volatile day for stocks, with all three major indexes suffering steep drops earlier this morning, before paring some of those losses by midday. The Dow Jones Industrial Average (DJI) was last seen down 30 points, while the Nasdaq Composite (IXIC) and the S&P 500 Index (SPX) are both sporting muted losses of their own. For the week, the Dow and S&P 500 are eyeing small losses, while the Nasdaq is headed for a third-straight weekly win.

This morning's strong jobs report weighed heavily on equities, as investors mulled over the potential action this may draw from the U.S. Federal Reserve. The central bank hinted in its most recent meeting that it may begin cutting rates next year, though many are now scrapping that idea amid evidence the labor market remains strong.

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

  • Unpacking AMC Entertainment's special dividend
  • Analysts react to Warner Bros Discovery's revenue miss. 
  • Plus, BBBY reclaims meme stock status; WETG's monkeypox partnership; and stock offering hurts QNRX. 

mmc stats aug 5

Bed Bath & Beyond Inc (NASDAQ:BBBY) is seeing unusual volume in its options pits today. The retailer looks like it has reclaimed its meme stock status, despite reports that the company is seeking private loans, as its cash flow situation becomes more dire. So far, 249,000 calls and 38,000 puts have been traded, or six times the intraday average. The most popular position is the 8/5 7-strike call, followed by the 10-strike call in that series, with positions being opened at both. BBBY was last seen up 22.4% at $7.53, though the security is down 46.2% for the year. 

One of the best stocks on the Nasdaq today is WeTrade Group Inc (NASDAQ:WETG). The firm just announced it would partner with Jiqing Biomedical Technology to produce and exclusively sell monkeypox virus test kits and antigen tests globally. WETG is up 36.6% at $25 at last check, and earlier hit a record high of $50.50. 

One of the worst stocks on the Nasdaq today is Quoin Pharmaceuticals Ltd - ADR (NASDAQ:QNRX). The stock is down 62.6% to trade at $5.26 at last check, after the firm priced an upsized public offering to raise $16.8 million. The security hit its highest level since January during Wednesday's session, though the 200-day moving average cut this rally short. Year-to-date, the stock has shed 75.9%. 

qnrx aug 5

 

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