Wall Street Cruising Toward Rare Winning Week

The Dow, S&P 500, and Nasdaq are eyeing their best week of 2023

Managing Editor
Nov 3, 2023 at 11:47 AM
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For a second straight Friday, stocks are confidently higher midday, with freefalling bond yields, upbeat jobs data, and some encouraging corporate reports fueling the rally. Barring an unsightly late-afternoon collapse, the Dow Jones Industrial Average (DJIA), S&P 500 Index (SPX), and Nasdaq Composite (IXIC) are all headed toward their best weeks of the year. And despite a surge in long exposure from hedge funds, the Cboe Volatility Index (VIX) is heading for its lowest close since Sept. 19.

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

  • Why cybersecurity stocks are sitting out of today's rally.
  • Apple stock suffers post-earnings setback.
  • Plus, Bumble bears roar; Carvana bounces off support; and a sinking energy stock.

MMC Stats Nov 3

Bumble Inc (NASDAQ:BMBL) stock is seeing a surge in put buying today. At last check, 28,000 puts have changed hands, volume that's 23 times the average intraday amount. All of the attention is on the November 12.50 put. The dating app reports earnings after the close on Tuesday, Nov. 7, and is 34% lower on the year. 

Carvana Co (NYSE:CVNAstock is near the top of the NYSE (New York Stock Exchange), last seen up 12.6% to trade at $33.70. The car retailer reported a surprise third-quarter earnings beat that is helping overshadow revenue falling short of estimates and three price-target cuts, the steepest coming from RBS to $24 from $30. CVNA is up 602% in 2023, and the 20% quarterly drawdown has now bounced off its 200-day moving average.

CVNA Stock Chart MMC

PBF Energy Inc (NYSE:PBF) is one of the worst stocks on the NYSE today, last seen 6.3% lower to trade at $44.47. While the oil & gas company reported an earnings and revenue beat for the third quarter, a lower refining margin is weighing on the stock. After today's bear gap, PBF appears to be holding support at its -10% year-to-date level. 


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