Dow Soars 556 Points as VIX Nears 2-Year Lows

The debt ceiling bill and jobs report are boosting sentiment

Deputy Editor
Jun 2, 2023 at 12:11 PM
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The Dow Jones Industrial Average (DJI) is up 556 points this afternoon, as this morning's jobs report boosts sentiment alongside the debt ceiling bill's successful run through Congress. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are higher as well, with all three major benchmarks on track for sizable weekly wins. Meanwhile, the Cboe Volatility Index (VIX) is sinking, last seen at its lowest level since July 2021.

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

  • Trade Desk stock eyes fifth-straight gain on lofty bull note
  • Next week is fairly calm in terms of economic data
  • Plus, options bulls weigh in on LULU; why CC is climbing; and dismal guidance hurts software stock.

MMC June2

Call traders are targeting Lululemon Athletica Inc (NASDAQ:LULU) today. The stock is up 12.9% at $366.95 at last glance, after the retailer raised its annual profit forecast and drew no fewer than 11 price-target hikes. So far, 88,000 calls have crossed the tape in comparison to just 39,000 puts, with overall options volume now running at 12 times the intraday average. The weekly 6/9 400-strike call is the most popular contract, with new positions being opened there. Year-over-year, LULU is up more than 22%.

LULU June2

Chemours Co (NYSE:CC) is up 24.1% to trade at $33.65 at last glance, after word that the company is one of the three chemical names setting up a $1.9 billion fund to settle drinking water pollution claims in the U.S. Today's bull gap has CC trading at its highest levels since March, while boasting a 9.3% year-to-date lead.

SentinelOne Inc (NYSE:S) is at the bottom of the New York Stock Exchange (NYSE), down 37.2% at $13.02 at last check. The software name's dismal forecast, first-quarter revenue miss, and subsequent bear notes are weighing on shares. D.A. Davison and Canaccord Genuity both downgraded S from "buy," while a flood of other analysts chimed in with price-target cuts. Year-over-year, the stock is down 48.1%. 

 

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