SPX, Nasdaq Eye 3-Straight Losses

Investors are eyeing rising Treasury yields and jobs data

Managing Editor
Mar 2, 2023 at 12:34 PM
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Following a retreat in jobless claims, interest rates are at the forefront of investor's minds this afternoon. At last glance, the Dow Jones Industrial Average (DJI) is up 105 points, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) pace for a third-straight daily loss. The 10-year Treasury yield is in focus, holding steadily above 4%, while its 2-year counterpart surged to a 10-year high.

  • Grocery giant enjoying a post-earnings surge.
  • Tesla powers down after investor day reveal.
  • Plus, CRM options running red-hot; best Nasdaq performer today; and behind the Silvergate stock slide.

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A favorite of options traders today is Salesforce Inc (NYSE:CRM), with 167,000 calls and 149,000 puts across the tape so far, or nine times the average intraday volume. Most active is the weekly 3/3 190-strike call, which expires tomorrow. CRM is enjoying a post-earnings bull gap and upbeat response to its buyback program, last seen up 11.1% to trade at $185.92. The equity is eyeing its best day since August 2020 and a breakout above the 20-day moving average.

crmmmcchart

Arcadia Biosciences Inc (NASDAQ:RKDA) is leading the Nasdaq today, last seen up 72% at $14.79, after the security yesterday began trading on a reverse stock split-adjusted basis, after dipping to an all-time low of $7.90. The shares earlier hit their highest level since October, and are looking to close above the 120-day moving average for the first time since June. Year-over-year, RKDA still carries a 61.3% deficit, however.

Meanwhile, Silvergate Capital Corp (NYSE:SI) stock is at the bottom of the New York Stock Exchange (NYSE). The security is down 44.7% to trade at $7.49 at last check, after Coinbase Global (COIN) said it will no longer accepts or initiate payments to or from Sivergate. Plus, the company delayed its annual report as it evaluates its ability to operate. Canaccord Genuity and JP Morgan Securities downgraded the equity to “hold” and “underweight,” respectively, while the latter also slashed its price target to $9 from $25. Shares earlier hit an all-time low of $6.80 and have shed a whopping 94.4% in the last 12 months. 

 

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