Stocks Extend Losses Amid Rising Bond Yields, Jobs Data

Job openings came in at 9.6 million in August

Deputy Editor
Oct 3, 2023 at 12:08 PM
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Stocks are extending their morning losses, with the Dow Jones Industrial Average (DJI) down 366 points, as the Nasdaq Composite (IXIC) follows with a sharp 233-point deficit. Rising bond yields are weighing on the market, after both the 10- and 30-year Treasury yields hit 16-year highs. Jobs data isn't helping sentiment either, as job openings rose to a higher-than-expected 9.6 million in August, and plenty of investors are of the mind that a strong labor market means potential for the Federal Reserve to keep interest rates higher for longer. 

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

  • Warner Music Group stock bouncing on UBS upgrade
  • Why Airbnb stock is moving lower today. 
  • Plus, options traders target WSM; VERY skyrockets on buyout; and ENVX cuts workforce. 

MMC Oct3

Options traders are targeting Williams-Sonoma Inc (NYSE:WSM) today, amid news that of the company's new collaboration with interior designer Sheila Bridges. WSM has already seen five times its average daily volume in the options pits. The May 140 put is most popular, with positions being bought to open there. At last check, WSM was down 2.7% at $150.04, falling further from its recent Sept. 29, 52-week high of $158.75. 

WSM Oct3

Vericity Inc (NASDAQ:VERY) is at the top of the Nasdaq today, up 94.6% at $11.09 at last glance, after news that iA Financial Group will acquire the company for $170 million. Trading at two-year highs, the equity is currently up 47.3% in 2023. 

Enovix Corp (NASDAQ:ENVX) is down 15.9% at $9.93 at last check, after news that the company is restructuring its Fab1 facility in Fremont. This will include reducing its workforce by 185, and cutting off production at 24,000 small cell units. On track for its 11th daily loss in the last 13 days, the equity is down 19.3% since the start of the year. 

 

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