September Swoon in Full Effect as Fed Fatigue Sets In

The Nasdaq is heading for its fourth-straight loss

Managing Editor
Sep 7, 2023 at 12:31 PM
facebook X logo linkedin


While still early, it's been a September to forget for Wall Street so far. The  Dow Jones Industrial Average (DJI) is clinging to marginal gains midday, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are once more deep in the red. A struggling tech sector -- especially tech titan Apple (AAPL) -- is weighing heavily on the latter, which is pacing for a fourth-straight loss. Fed fatigue exacerbated by strong jobs data has made investors wary to start a historically sluggish month, as the Cboe Volatility Index (VIX) looks to extend its win streak.

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

  • C3.ai stock takes post-earnings dive. 
  • McDonald's stock is keeping Dow afloat today.
  • Plus, PENN calls pop; and 2 growth stocks making moves after earnings. 

MMC Stats Sept 7

PENN Entertainment Inc (NASDAQ:PENN) is seeing a surge in options activity, with 29,000 calls exchanging hands already today, volume that's double the average intraday amount. The December 25 strike call is getting most of the attention, with new positions being bought to open. PENN is 0.4% higher to trade at $22.35 at last check, but earlier traded at a new three-year low of $21.76. Year-to-date, the casino stock is off 24.7%. 

UiPath Inc (NYSE:PATH) stock is up 10.7% to trade at $17.96, one of the best stocks on the New York Stock Exchange (NYSE) today. The automation software company reported a second-quarter earnings beat to go with a sunnier-than-expected full-year forecast. No fewer than 10 brokerages have hiked their price target in response, the highest coming from Macquarie to $23. PATH is now up 40.5% in 2023.  

On the other side of the spectrum is ChargePoint Holdings Inc (NYSE:CHPT) stock, last seen 13.2% lower at $6.13, and earlier hitting a record low of $4.97. The electric vehicle docking station company missed second-quarter estimates and announced a 10% workforce reduction. In response, four brokerages have trimmed their price targets, the lowest coming from Needham to $9 from $13. CHPT is now down 35.6% year-to-date, and has seen its 30-day moving average serve as stiff resistance since late July. 

MMC Stock Chart CHPT

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI