All three major benchmarks remain on track for weekly losses
Stocks are cautiously higher midday, but it is a small consolation prize compared to the broader market's overall weakness this week. The Dow Jones Industrial Average (DJI), S&P 500 Index (SPX), and Nasdaq Composite (IXIC) are poised to snap their three-day losing streaks, the latter up triple digits at last check. All three major indexes are still on track for sizable weekly losses, though, as oil prices and bond yields remain elevated.
Continue reading for more on today's market, including:
- Chip stock stays hot ahead of earnings.
- It's been a rotten week for Deere stock.
- Plus, bulls target uranium stock; sector tailwinds for BABA; and Hollywood strike weighs on WBD.
Options bulls are blitzing Cameco Corp (NYSE:CCJ) stock today. At last check, over 64,000 calls have already changed hands, volume that's five times the average intraday amount, compared to only 11,000 puts. The weekly 9/29 42-strikecall is getting the brunt of the attention, with new positions being bought to open. The uranium stock is up 78% in 2023, and was last seen up 3.7% at $40.19.
Alibaba Group Holding Ltd (NYSE:BABA) is one of the better stocks on the New York Stock Exchange (NYSE) today. BABA was last seen 4.8% higher at $88.19, with all U.S.-listed China stocks enjoying tailwinds after Bloomberg reported that China may loosen restrictions that limit foreign ownership of domestic publicly traded firms. Year-over-year, the equity sports a 9.1% lead.
Warner Bros Discovery Inc (NASDAQ:WBD) is weighing on the SPX, down 3.7% to trade at $11.08 at last check. For the second straight day, major studios and the Writers Guild of America (WGA) failed to reach a deal, sending entertainment stocks lower. The $11 area could be emerging as a floor for WBD, as it did in June. Shares remain 16.9% higher in 2023.
