Weekly Losses in Sight Despite Big Gains for Dow, Nasdaq

Investors are unpacking jobs data and Big Tech earnings

Deputy Editor
Aug 4, 2023 at 12:02 PM
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Stocks are moving higher, but remain on track for weekly losses, as investors continue to unpack jobs data as well as Big Tech earnings from Amazon.com (AMZN) and Apple (AAPL). The Dow Jones Industrial Average (DJI) and Nasdaq Composite (IXIC) are both up triple digits this afternoon, while the S&P 500 Index (SPX) is also higher. Meanwhile, the 10-year Treasury yield is pulling back from yesterday's peak. 

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

  • More on Amazon.com's highly anticipated earnings report
  • Options traders chime in on outperforming DraftKings stock. 
  • Plus, meme stock in focus; USM brushes off quarterly miss; and WW plummets on dismal forecast. 

MMC Aug4

Options traders are targeting Tupperware Brands Corp (NYSE:TUP) today, after the company finalized its debt restructuring deal. So far, 68,000 calls and 81,000 puts have been exchanged, which is already eight times the average daily volume. The September 1 and October 3 puts are the most active contracts, with positions being sold to open at both. At last check, the meme stock was up 42% at $5, while boasting a jaw-dropping 513.8% quarter-to-date lead. 

United States Cellular Corp (NYSE:USM) is at the top of the New York Stock Exchange (NYSE) today, up 87.1% at $32.75 at last glance, despite worse-than-expected second-quarter results, after the company announced it was exploring "strategic alternatives." Year-to-date, USM is currently up roughly 56%. 
  
Meanwhile, WW International Inc (NASDAQ:WW) stock was last seen down 22.2% at $8.32, and on the short sell restricted (SSR) list today, after the company announced disappointing second-quarter results and slashed its full-year revenue forecast. Both UBS and D.A. Davidson lifted their price targets, however. WW is still up 109.7% in 2023, and its 40-day moving average appears to be keeping this pullback in check. 

 

WW Aug4

 

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