Stocks Resume Selloff; Jobs Data in Focus

Wall Street is awaiting tomorrow's employment data

Deputy Editor
Oct 5, 2023 at 12:08 PM
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Yesterday's rebound could prove to be short-lived, with the Dow Jones Industrial Average (DJI) and Nasdaq Composite (IXIC) both down triple digits this afternoon. Investors are still unpacking this morning's jobless data while awaiting tomorrow's monthly jobs report, both of which could influence the Federal Reserve's stance on interest rates. Meanwhile, the 10-year Treasury yield is hovering below this week's 16-year highs. 

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

  • Clorox stock downgraded after forecast cut
  • Semiconductor stock to avoid in October. 
  • Plus, options bulls target SGML; LW pops after earnings; and CMBM plummets. 

MMC Oct5

Options bulls are targeting Sigma Lithium Corp (NASDAQ:SGML) today, after news that Chief Operating Officer Brian Talbot has left the company. So far, 11,000 calls have already crossed the tape -- eight times the intraday average volume -- in comparison to just 1,156 puts. The January 2024 25-strike call is the most popular, where positions are being opened. At last check, SGML was down 8.8% at $27.25, its lowest levels since January. Headed for its third-straight weekly loss, the equity is down 4% this year. 

SGML Oct5

The New York Stock Exchange's (NYSE) Lamb Weston Holdings Inc (NYSE:LW) is up 9.8% at $99.41 at last glance, after the frozen food concern's better-than-expected fiscal first-quarter report and raised annual outlook. Popping back above its 50-day moving average, LW is up roughly 11% since the start of the year. 

Cambium Networks Corp (NASDAQ:CMBM) is at the bottom of the Nasdaq today, down 35.2% at $5.13 at last check, and earlier slipping to a three-year low of $4.42. The company's dismal third-quarter revenue forecast is weighing on the shares, as well as a downgrade from Raymond James to "perform" from "outperform." Since the start of the year, the equity is down 76.6%. 

 

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