Dow Still Lower as Nasdaq, S&P 500 Edge Higher

All three major indexes are eyeing weekly losses

Digital Content Manager
Jul 7, 2023 at 11:54 AM
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The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) moved out of the red, though the Dow Jones Industrial Average (DJI) is still down 63 points this afternoon. Investors fear the Federal Reserve will resume interest rate hikes this month, despite a narrower-than-expected U.S. nonfarm payrolls report. The three major benchmarks are eyeing weekly losses, while the blue-chip index paced for a third-straight losing session.

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

  • Costco stock dips on dismal comparable sales.
  • Analyst says ad downturn could hurt media name.
  • Plus, RVLV puts running red-hot; SPHR pops ahead of official open; and ARL looks to extend losing streak.

MMC Stats 0707

Put traders are blasting Revolve Group Inc (NYSE:RVLV), with 15,000 puts traded so far today, or 36 times the intraday average volume, compared to only 49 calls. The most popular by far is the September 12.50 put, with new positions being opened there. RVLV is stock is up 0.2% at $16.22 at last check, with no apparent catalyst driving this unusual options volume. So far this year, Revolve stock is down 27%. 

Sphere Entertainment Co (NYSE:SPHR) is one of the best stocks on the New York Stock Exchange (NYSE), last seen up 11.1% at $33.98. The company's Las Vegas' MSG Sphere, a spherical music and entertainment arena at The Venetian Resort, will officially open on Sept. 29 with a series of 25 concerts, including U2. So far this year, SPHR is up 61%, and earlier notched a one-year high of $33.83.

American Realty Investors, Inc. (NYSE:ARL) is near the bottom of the NYSE, down 8.2% at $18.72 at last check amid recession fears. Today pacing for its fifth consecutive daily loss, while consolidating below its 20-day moving average, ARL is down 27.5% for 2023.

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