Dow Drops 245 Points After Manufacturing, Jobs Data

Wall Street is eyeing the conclusion of the Fed's two-day policy meeting

Deputy Editor
Feb 1, 2023 at 12:08 PM
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Stocks are sinking today, despite the conclusion of a stellar month for the market. The Dow Jones Industrial Average (DJI) is down 245 points midday, as investors await the Federal Reserve's interest rate decision. Wall Street is also unpacking employment data, as well as the manufacturing purchasing managers' index (PMI) for January, which came in at 47.4% and pointed to larger-than-expected contraction. Meanwhile, job openings jumped to 11 million in December from the previous month's 10.4 million. 

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

  • Analyst: Sentiment Foot Locker stock is overly bearish.
  • Options traders are blasting Snap stock after earnings.
  • Plus, MTCH seeing red-hot options activity; PTON soaring on upbeat forecast; and GNS pulls back from rally.

MMC Feb1

Options traders are picking up shares of Match Group Inc (NASDAQ:MTCH), after the Tinder owner's disappointing fourth-quarter results and downbeat forecast. The company also announced it will cut staff by 8%. So far, 19,000 calls and 16,000 puts have crossed the tape, with overall volume running at eight times the intraday average. The weekly 2/3 48.50-strike call is the most popular, with new positions being opened there. MTCH was last seen down 8.4% to trade at $49.55, and recently ran into pressure at its 160-day moving average.


Peloton Interactive Inc (NASDAQ:PTON) is up 20.8% at $15.63 at last check, trading at its highest level since May, after the company's upbeat third-quarter revenue forecast topped estimates. Peloton reported mixed fiscal second-quarter results, with wider-than-expected losses of 98 cents per share, but revenue of $792.70 million easily surpassed estimates. PTON is up a whopping 95.2% since the start of 2023.  

Genius Group Ltd (NYSE:GNS) is pulling back from its recent rally after announcing its spinoff of Entrepreneur Resorts. The shares are down 5.3% at $5.18 at last check, moving back toward penny stock territory. Still, GNS has come a long way since starting the year below $1. 


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