S&P 500, Nasdaq Look for 2nd-Straight Weekly Win

The Dow is heading for its third weekly loss in four

Deputy Editor
Nov 10, 2023 at 11:57 AM
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Wall Street is higher at midday. The S&P 500 Index (SPX) is looking to recover from its first loss in nine sessions, as the broader market rallies from yesterday's dip. In light of this impressive run, the SPX is, alongside the Nasdaq Composite (IXIC), heading for its second consecutive weekly win. Despite a midday gain, the Dow Jones Industrial Average (DJI) is pacing for its third weekly loss in four. And although yesterday gave a brief reprieve, the Cboe Market Volatility Index (VIX) is on track to log its third-straight weekly drop.

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

  • Energy stock downgraded after disastrous quarter.
  • Behind Trade Desk's weak forecast.
  • Plus, options traders' favorite chip stock; Vizio's earnings; and Diageo's warning.

Midday Market Stats November 102023

Advanced Micro Devices, Inc. (NASDAQ:AMD) is up 3% at $116.92 this afternoon, as options traders target the semiconductor concern following a cut to its revenue guidance for the fourth quarter, late last month. Already today, 278,000 calls and 218,000 puts have exchanged hands, which is double the volume typically seen at this point in the day. Most popular looks to be the weekly 11/10 118-strike call, which is slated to expire after the close today. Year to date, AMD is up nearly 81%.

Vizio Holding Corp (NYSE:VZIO) stock is the best performing equity on the New York Stock Exchange (NYSE) today, after an upbeat quarterly report. The company reported stronger-than-expected revenue for the third quarter, while earnings per share also beat forecasts. At last glance, VZIO was up 21.9% at $6.46, but it remains down more than 43% over the last 12 months. 

Near the bottom of the NYSE sits Diageo plc (NYSE:DEO), after the Guinness seller cut its short- and medium-term guidance. Specifically, the U.K.-based beverage maker warned of plummeting sales in Latin America and the Caribbean -- 11% of firmwide revenues -- which will weigh on upcoming growth. The equity was down 14.9% at $136.10 at last glance, touching levels not seen in two years, and now 23.8% lower in 2023.

DEO MMC Chart November 102023

 

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