Surging Dow Still on Track to Snap Weekly Win Streak

Upbeat jobs data is giving the market a boost today

Deputy Editor
Nov 4, 2022 at 11:49 AM
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The Dow Jones Industrial Average (DJI) is up 291 points midday, though the blue-chip benchmark is still on track to halt its weekly win streak at four. The Nasdaq Composite (IXIC) and S&P 500 Index (SPX) are firmly in the black as well, though both indexes are also headed toward weekly losses.

Investors are still unpacking better-than-expected nonfarm payrolls data for October, while a great deal of attention focuses on China-based stocks amid the country's reopening rumors. Despite the likely weekly losses for indexes, the Cboe Volatility Index (VIX) is heading toward its lowest close since Sept. 13. 

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

  • 3 stocks getting a boost from China's reopening rumors. 
  • Several vaccine updates moving BioNTech stock today. 
  • Plus, SBUX options surge; DMRC gaps above pressure; and FNKO hit with downgrades.  

MMC Nov4

Starbucks Corp (NASDAQ:SBUX) is seeing a bullish options surge today. So far, 68,000 calls and 39,000 puts have crossed the tape, which is six times the intraday average volume. Expiring today, the weekly 11/4 96-strike and 93-strike calls are the most popular, with new positions being opened at both. At last glance, SBUX was up 9.7% to trade at $92.92, after the company's fiscal fourth-quarter comparable sales and profit beat. Plus, no fewer than five analysts raised their price targets. 

Digimarc Corp (NASDAQ:DMRC) is one of the top performers on the Nasdaq today, up 29% to trade at $18.91 at last glance. The software name is getting a boost from its third-quarter revenue beat, despite also reporting wider-than-expected losses per share. Today's pop has DMRC breaking above long-term pressure at its 150-day moving average. Still, the stock is down 53% year-to-date. 

DMRC Nov4

Meanwhile, Funko Inc (NASDAQ:FNKO) is down 50.6% to trade at $9.63 to trade at two-year lows, and has landed on the short sell restricted (SSR) list today. Following the company's lackluster third-quarter earnings and disappointing forecast, J.P. Morgan Securities downgraded the stock to "neutral" from "overweight," while Truist Securities downgraded it to "hold" from "buy." Year-over-year, the equity is now down roughly 45%. 

 

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