Wall Street Holding onto Gains After Mixed Economic Data

The manufacturing sector is contracting, however

Deputy Editor
Jan 4, 2023 at 11:48 AM
facebook X logo linkedin


Wall Street is inching higher today, after better-than-expected Job Openings and Labor Turnover (JOLTS) data for November showed strength in the labor market. Yet at the same time, the ISM manufacturing index showed contraction after 30 months of expansion for the sector. Both of these updates come as the Federal Reserve releases its latest meeting minutes later today, with all three major benchmarks looking for the first win of 2023. 

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

  • Two blue-chip stocks hit with downgrades.
  • It stinks, but layoff announcements boost Salesforce stock.
  • Plus, LVS calls pop after bull note; MPAC's wild price action continues; and Enovix is under investigation.

Midday Market Stats January 042023

Following a price-target hike to $52 from BofA Global Research, Las Vegas Sands Corp. (NYSE:LVS) hit a new 18-month high of $51.62. Call traders are coming out of the woodwork; 26,000 bullish bets have already crossed the tape midday with intraday volume running at five times what's typically seen at this point. New positions are being opened at the March 55 call -- the most popular contract. At last check, Las Vegas Sands stock is 3.6% higher to trade at $51.08 and is now 32.5% higher year-over-year.

LVS Chart January 032023

Near the top of the Nasdaq today is Model Performance Acquisition Corp (NASDAQ:MPAC), last seen up 20.4% to trade at $10.11. The catalyst for today's gains remains unclear, but MPAC has experienced wild volatility on the charts over the last few weeks. On Dec. 28, the shares hit an all-time high of $15.15, a low of $6.01, and closed at $8.78. 
 
At the bottom of the Nasdaq today is Enovix Corp(NASDAQ:ENVX), which as last seen 42.6% lower and earlier hit a new all-time bottom of $6.96. The lithium battery maker's shares are falling after Cowen said investors are disappointed in the company's Gen2 battery production, while Block & Leviton are moving to investigate for potential securities law violations. Year-over-year, ENVX is down 72.6%.

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI