Dow Up Over 340 Points as Stocks Snap Back

Stocks are building off this morning's gains

Deputy Editor
Oct 30, 2023 at 12:02 PM
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The Dow Jones Industrial Average (DJI) is building on this morning's gains, up 343 points at last look, while the S&P 500 (SPX) and Nasdaq Composite (IXIC) sit firmly in the black as well. The DJI and SPX are on track to snap their three-day losing streaks, coming off a rough week that saw the latter hit its lowest level since March. Looking ahead, investors are awaiting this week's interest rate decision from the Federal Reserve. 

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

  • Options bulls target McDonald's stock after earnings. 
  • China-based energy stock bouncing from 3-year lows
  • Plus, call traders pick up BMBL; DAWN soars on FDA buzz; and ON plummets. 

MMC Oct30

Options bears are targeting online dating name Bumble Inc (NASDAQ:BMBL), after UBS lowered its price target to $16 from $19. So far, 33,000 puts have been traded -- 30 times the intraday average amount -- in comparison to 666 calls. The November 12.50 put is the most popular, followed by the January 2024 10-strike put, with new positions opening at the latter. On the charts, BMBL is fresh off four straight weeks of losses, with pressure at its 20-day moving average. The equity is up 0.7% at $13.45 at last check, and down 36.5% this year. 

BMBL Oct30

Day One Biopharmaceuticals Inc (NASDAQ:DAWN) is soaring today, after the U.S. Food and Drug Administration (FDA) accepted the company's marketing application for brain tumor therapy Tovorafenib. Up 22.1% at $12.42 at last look, DAWN is still down more than 42% in 2023. 

Meanwhile, ON Semiconductor Inc (NASDAQ:ON) stock is plummeting despite the company's strong third-quarter results. What's hurting the chip giant instead is a lowered current-quarter forecast on weak demand for electric vehicles, with 900 jobs eliminated as well. ON is up 9.2% so far this year, but was last seen trading 18.3% lower at $68.21. 

 

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