The tech-heavy Nasdaq is headed for a weekly loss
Stocks are stumbling into the weekend, with the Dow Jones Industrial Average (DJIA) sporting a triple-digit loss midday. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are firmly lower as well, the latter also off by triple digits. Investors are unpacking the University of Michigan's (UM) consumer sentiment report, which showed inflation expectations fell in September. At last check, the Nasdaq was the only benchmark eyeing a weekly loss.
Continue reading for more on today's market, including:
- Meet the new tech stock lighting up Wall Street.
- Nucor stock pullback finds support.
- Plus, unpacking Unity's call surge; PARA gets halo lift; and Lennar's earnings.
Unity Software Inc (NYSE:U) stock is seeing a surge in its options pits today, after BofA Global Securities upgraded the video game developer to "buy" from "neutral," while also hiking its price target to $56 from $46, citing its recent monetization efforts. In response, 49,000 calls have changed hands so far, volume that's four times the average intraday amount. The September 38 call is the most popular, expiring today, with new positions being bought to open there. U is up more than 25% in 2023.
Paramount Global (NASDAQ:PARA) stock is one of the better stocks on the SPX today, last seen 2.8% higher to trade at $14.17. Media mogul Byron Allen made a $10 billion offer for Walt Disney's (DIS) ABV TV network. The media stock is down 16.2% this year, and is staring up at its 40-day moving average today.
On the other end of the spectrum is Lennar Corporation (NYSE:LEN), down 3.9% at $113.16. The homebuilder reported earnings and revenue that topped estimates, but the stock is lower as the mortgage rate steadies above 7% and average home selling prices decline. Lennar stock remains up 25% in 2023, with support emerging today at its 160-day moving average.
