Stocks Mixed as Rising Bond Yields Add Pressure

The 10-year Treasury yield jumped to its highest level since November 2022

Deputy Editor
Aug 3, 2023 at 12:10 PM
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Stocks are mixed midday, with the Nasdaq Composite (IXIC) reversing its morning losses to sport a modest gain, while the Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) remain lower. Investors are eyeing this morning's host of economic data, as well as corporate earnings, while rising bond yields put pressure on the market. More specifically, the 10-year Treasury yield jumped to its highest level since November 2022. Meanwhile, Wall Street's "fear gauge," the Cboe Volatility Index (VIX) surged to its highest level since early June. 

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

  • Moderna stock rises on vaccine sales forecast. 
  • Why Regeneron Pharmaceuticals stock is climbing today
  • Plus, options traders target PYPL; COOK hits one-year high; and ONEW plummets after earnings. 

MMC Aug3

Options traders are blasting PayPal Holdings Inc (NASDAQ:PYPL), with 273,000 calls and 147,000 puts exchanged so far, which is already five times the average daily options volume. The weekly 8/4 65-strike put and 65-strike call are the top most active contracts, with new positions being opened at both. PYPL is down 10.7% at $65.36, after matching second-quarter profit estimates, with no fewer than eight analysts cutting their price targets. Year-to-date, the equity is down 8.2%. 

Traeger Inc (NYSE:COOK) is near the top of the New York Stock Exchange (NYSE) today, up 43.5% to trade at $5.91 at last glance, after earlier hitting a 52-week high of $6.70. The outdoor appliance name posted strong second-quarter results and raised its full-year forecast, after which no fewer than six analysts raised their price targets. Year-to-date, the equity is up 108.9%. 
Conversely, OneWater Marine Inc (NASDAQ:ONEW) is plummeting after fiscal third-quarter earnings and revenue missed estimates. The stock is down 26.6% at $27.30 at last check, though familiar support at the $25 level appears to be keeping today's losses in check. On the short sell restricted (SSR) list today amid the volatility, ONEW is down 7.5% since the start of 2023. 




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