Stocks Set to Extend Losing Streaks as Treasury Yields Rise

Investors are unpacking a bigger-than-expected drop in initial jobless claims

Digital Content Manager
Sep 1, 2022 at 11:54 AM
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Stocks remain firmly in the red midday, with the Dow Jones Industrial Average (DJI) last seen down 63 points. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are eying sharp losses of their own, the latter weighed down by chipmaker Nvidia (NVDA).

All three major indexes are poised to extend their losing streaks to a fifth-straight session, while the 2-year U.S. Treasury yield earlier climbed to its highest level since November 2007. Traders are also unpacking a bigger-than-expected dip in initial jobless claims down to their lowest level since June.

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

  • Tech stock pacing for biggest drop since March.
  • An earnings beat couldn't help Signet Jewelers stock.
  • Plus, OKTA facing integration issues; ShiftPixy surges on reverse stock split; and China-based stock cools off from big debut.

MMC Stats

Okta Inc (NASDAQ:OKTA) is seeing ramped up options activity today, after the cloud company reported better-than-expected second quarter results, while noting integration issues after its acquisition of Auth0. Canaccord Genuity responded with a downgrade to "hold" from "buy" and cut its price target to $95 from $115, with at least 11 other analysts slashing their price objectives as well. At last check, 35,000 calls and 34,000 puts have crossed the tape, volume that's 18 times the intraday average. Most popular is the 9/2 70-strike call, with positions opened there. Last seen down 31.7% to trade at roughly three-year low of $62.42, OKTA is down 71.5% in 2022.

The shares of ShiftPixy Inc (NASDAQ:PIXY) were last seen leading the Nasdaq today, up 137.7% to trade at $33.30, after the company said its 1:100 reverse stock split will go into effect today. The stock is trading at its highest level since late June, bouncing off yesterday's record low of $11.60 and set to close above its 80-day moving average for the first time since February. PIXY remains down 77.3% year-over-year, though.

PIXY 80 Day

At the bottom of the Nasdaq today is Addentax Group Corp (NASDAQ: ATXG), down 74% at $171. The China-based textile and garment concern is fresh off yesterday's $25 million public offering, opening at $27 per share, before closing at a whopping $656.54. The company sold 5 million shares at $5 each, and has 32 million shares outstanding.

 

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