EARN25

Dow Looking to Snap 3-Day Losing Streak

All three benchmarks are pacing for weekly losses

Deputy Editor
Mar 10, 2023 at 11:52 AM
facebook X logo linkedin


Stocks have reversed their morning losses, as investors continue to unpack this morning's stronger-than-expected jobs data, though SVB Financial's (SIVB) capital search is still dragging the bank sector. The Dow Jones Industrial Average (DJI) is on track to snap a three-day losing streak, though still in the red for the week, while the S&P 500 Index (SPX) and Nasdaq Composite Index (IXIC) eye weekly losses as well. The Cboe Volatility Index (VIX), meanwhile, is headed for its best week since September 2021.

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

  • DocuSign stock craters despite quarterly win.
  • Why Barclays hit this airline stock with a double upgrade.
  • Plus, PTON suffers after import ban; Barnes & Noble's earnings; and trouble in Silicon Valley.

Midday Market Stats 2 March 102023

Peloton Interactive Inc (NASDAQ:PTON) is 10.4% lower to trade at $11.41 at last check, and seeing unusual put activity. The home fitness equipment maker's shares are suffering after the U.S. International Trade Commission banned the import of video-streaming fitness devices made by the company. In response, 28,000 bearish bets have exchanged hands already today, or six times the average intraday volume. The March 11 put is the most popular contract by far, with new positions being opened there. Longer-term, PTON sports a 50% year-over-year deficit.

At the top of the New York Stock Exchange (NYSE) today is Barnes & Noble Education Inc (NYSE:BNED), last seen up 33.1% at $2.29. This comes after the retailer reported fiscal third-quarter revenue that beat analysts' expectations. Today's pop has BNED trading back above its year-to-date breakeven level, and pacing for its first close above its 60-day moving average in seven sessions.

Amid the volatility in the banking sector -- especially in Silicon Valley -- First Republic Bank (NYSE:FRC) is trading near the bottom of the NYSE. The security is down 15.6% at $81 at last check, and earlier fell all the way to $45 -- its lowest level since October 2014. As a result of the recent selloff, First Republic Bank stock is 50.5% lower over the last 12 months. 

FRC March 102023

 

You Don’t Need 25 Alerts -- You Need ONE You Can Trust!

That’s the idea behind Trade of the Week, Schaeffer’s newest trade alert.

Every Monday morning before the opening bell, you’ll receive a single, expertly researched trade recommendation -- built from the same proprietary research we’ve been using for over four decades.

It’s not just a signal.

It’s a plan designed for traders who are tired of jumping from alert to alert without ever finding their edge.

No juggling alerts. No switching directions mid-week. Just one clear, expertly researched trade idea -- delivered before the market even opens.

👉 JOIN RIGHT NOW FOR JUST $1 TO GET THE NEXT TRADE!