Saudi Arabia's extended oil production cuts are weighing on Wall Street today
Stocks are drifting lower and sluggish after the Labor Day holiday, with Wall Street wary of rising oil prices. October-dated crude futures were up 1.7% to trade at $87 per barrel at last check, after Saudi Arabia extended its 1-million-barrels per day voluntary oil production cuts. The Dow and S&P 500 are lower midday, while the Nasdaq tries to stay in the black to log its sixth win in seven trading days.
Continue reading for more on today's market, including:
Match Group Inc (NASDAQ:MTCH) is seeing an influx in options trading today, with a bearish slant. Over 3,500 puts have changed hands by midday, volume that's double the average intraday amount. The weekly 9/8 47-strike put is leading the charge, with new positions being bought to open. MTCH is up 0.9% to trade at $46.84 at last check and is 12.8% higher in 2023, but has consolidated around $47 for the last two months.
NetApp Inc (NASDAQ:NTAP) stock is near the top of the SPX today, last seen 2.5% higher to trade at $79.51. Susquehanna upgraded the software stock to "positive" from "neutral," with a price-target hike to $100 from $62 to go with it. The analyst in coverage is bullish on the company's margins and spend cycles heading into 2024. NTAP is up 32% in 2023, and a chip shot from its July 21 annual high of $80.53.
Homebuilder stock PulteGroup Inc (NYSE:PHM) is on the other end of the spectrum, down 5.8% to trade at $77.88, although there's no specific catalyst. PHM is still up 71% in 2023, and today's pullback has found support at the shares' rising 80-day moving average, a trendline that contained a drop late last month.
