Rising Oil Prices Stalling September Rally

The tech-heavy Nasdaq is staying afloat, barely

Managing Editor
Sep 5, 2023 at 12:03 PM
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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: 

  • No glory for Manchester United stock today.
  • Analysts are loving Oracle stock's AI potential.
  • Plus, MTCH bears eye ceiling; NetApp stock upgraded; and PHM takes a breather. 

MMC Stats Sept 5

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.

PHM Stock Chart MMC

 

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