Stocks Shaky to Start Off September

This morning's jobs data is still in focus

Managing Editor
Sep 1, 2023 at 12:01 PM
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Thanks to a solid jobs report, the Dow is poised to kick off September with its fourth win in the last five trading days. While the blue-chip index may have pared triple-digit gains gains from the morning and the Nasdaq is set to snap a five-day win streak, all three major indexes are headed for sizable weekly wins. Despite today's choppiness, the Cboe Volatility Index (VIX) is mired in a six-day skid.   

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

  • Top 2023 stock pick scores another post-earnings pop.
  • Dell stock eyeing its best day...ever?
  • Plus, China stock calls pop; Nio deliveries at record level; bear notes galore for DG. 

MMC Stats Sept 1

China-based online services stock iQIYI, Inc (NASDAQ:IQ) is seeing an influx of options activity today. At last check, over 6,000 calls have changed hands, volume that's triple the average intraday amount. Most popular is the weekly 9/8 5.50-strike call. IQ is 4.8% higher to trade at $5.28 at last check, reclaiming its year-to-date breakeven level. 

Nio Inc (NYSE:NIO) stock is near the top of the New York Stock Exchange (NYSE) today, up 6.7% to trade at $10.94, after the electric vehicle (EV) maker reported record deliveries for August. NIO is up 13% in 2023, with support emerging at $10, but remains 41% lower year-over-year. 

NIO Stock Chart MMC

Meanwhile, Dollar General Corp. (NYSE:DG) is near the bottom of the NYSE, last seen 4.9% lower to trade at $131.68. DG gapped lower by 12.1% yesterday after the discount retailer's lackluster earnings report, and today analysts are piling on. At last check, 10 brokerages trimmed their price targets, while two added downgrades. Dollar General stock is on the short-sale restricted list today, and is now 46% lower in 2023. 

 

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