Wall Street Holding onto Gains After Mixed Economic Data

The manufacturing sector is contracting, however

Deputy Editor
Jan 4, 2023 at 11:48 AM
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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%.


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