Stocks Edge Higher on Hopes of Soft Economic Landing

The labor market is cooling off, and costs are easing

Digital Content Manager
Dec 6, 2023 at 11:57 AM
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Easing labor costs, rising productivity, and a cooling labor market are supporting Wall Street this afternoon. The Dow Jones Industrial Average (DJI), Nasdaq Composite Index (IXIC), and S&P 500 Index (SPX) are all above breakeven midday, as investors hope the upbeat economic data will turn the Federal Reserve dovish and the U.S. will avoid recession.

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

MMC Stats 1206

MongoDB Inc (NASDAQ:MDB) stock is down 7.5% to trade at $404.47 at last check, despite the company yesterday announcing better-than-expected third-quarter results, resulting in no fewer than 12 price-target hikes. Options traders are chiming in as well, with 37,000 calls and 31,000 puts traded, volume that is 10 times the intraday average. The most popular contract is the weekly 12/8 450-strike call, where new positions are being opened. Over the past 12 months, MDB added 178.6%. 

Sera Prognostics Inc (NASDAQ:SERA) is up 279.1% at $7.96 at last check, easily leading the Nasdaq. Today's surge came after the company revealed a pivotal prime study met the endpoint criteria, with enrolment now set to stop. The security hit its highest level since December 2021, and is on track for its best day on record.

Yext Inc(NYSE:DBI) is the worst stock on the New York Stock Exchange (NYSE) today, following the company's third-quarter revenue miss. Last seen down 19.3% at $5.67, the equity earlier slipped to a 52-week low of $5.53. The 100-day moving average has been acting as pressure since late July, contributing to the security's 57% six-month deficit.

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