The Dow is off by roughly 377 points this afternoon
Wall Street's rally has come to a screeching halt, as Treasury yields tick higher once again. At last check, the Dow Jones Industrial Average (DJI) was down roughly 377 points, while the the S&P 500 Index (SPX) and the Nasdaq Composite (IXIC) also sit firmly in the red.
August's ADP labor report topped analysts estimates, and traders now await Friday's nonfarm payrolls report. Meanwhile, September's ISM services index reading of 56.7% also beat economists' expectations, hinting at resilience.
Continue reading for more on today's market, including:
- This bank stock faces a lot of resistance, says analyst.
- Bernstein thinks this travel platform can rise to the top within 5 years.
- Plus, XOM options pop on earnings signal; robotics specialist secures government contract; and Squarespace stock adds to yearly losses.
Exxon Mobil Corp (NYSE:XOM) is seeing higher-than-anticipated options activity today, after signaling its third-quarter operating profits will be strong. That is, albeit short of its second-quarter all-time highs as prices rise and margins pull back. Near the session's halfway mark, more than 51,000 calls have and 26,000 puts been exchanged, which is triple the average intraday amount. The most popular position is the weekly 10/7 100-strike call, followed by the 98-strike call in the same series, with positions being opened at both. The equity is up 2.1% at $97.27 this afternoon, bouncing from a late-September bear gap that put the shares below the $84 level, as they look to turn in their third-straight daily win. In 2022, XOM is up nearly 60%.
Nauticus Robotics Inc (NASDAQ:INBX) is the best performing Nasdaq equity so far today. Shares were last seen 64.9% higher at $5.31, after inking a deal with the U.S. Defense Innovation to develop an amphibious unmanned system. Today's pop has the security pacing for a more than 50% gain this week, by far its best weekly performance since going public last year. Year-to-date, however, KITT is down 47.3%.
Squarespace Inc (NYSE:SQSP) is sitting at the bottom of the New York Stock Exchange (NYSE) this afternoon, though the catalyst for today's dip is unclear. The equity was last seen down 9.6% at $21.08, and heading for its worst day since June. Though SQSP is holding above its May 11, all-time low of $14.43, the security is 29.7% lower year-to-date.