Stocks Cling to Gains as Jobs Data Remains in Focus

Bond yields are pulling back slightly from multi-year highs

Deputy Editor
Oct 4, 2023 at 11:56 AM
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Investors are still unpacking this morning's weaker-than-expected jobs data, which caused bond yields to dip slightly from their multi-year highs. The Nasdaq Composite (IXIC) is firmly higher midday, while the Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) hover above fair value. Meanwhile, U.S. factory orders rose a higher-than-expected 1.2% in August, while oil prices dropped to their lowest level in a month after the U.S. reported gasoline stockpiles increased by 6 million barrels.

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

  • Behind Apple stock's rare downgrade
  • Options traders should keep an eye on Tesla.
  • Plus, AGNC calls running hot; GLBS resumes rally; and WETG drops amid lawsuit news. 

MMC Oct4

AGNC Investment Corp (NASDAQ:AGNC) is one of the most popular stocks amongst options traders today today, with 34,000 calls and 18,000 puts traded so far -- five times the volume typically seen at this point. The October 9 call is the most active contract, where new positions are being opened. Though the reason for this options activity is unclear, AGNC is down 3.1% at $8.64 at last check, after hitting fresh 2023 lows. 

Globus Maritime Ltd (NASDAQ:GLBS) is up 13.4% at $2.20 at last check, resuming its recent rally after the previous session's tumble. In the last week, GLBS has added 48%, adding to its 108% year-to-date gain. Plus, the security regained compliance with the IXIC's minimum closing bid price yesterday.

WeTrade Group Inc (NASDAQ:WETG) is down 13.8% at $10.35 at last glance, after the company yesterday filed a derivative lawsuit against its former officers and directors. Today's drop has the security slipping back below its 120-day moving average. Since the start of the year, the equity is down 83.6%. 

WETG Oct4

 

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