Nasdaq Eyes 6th Weekly Win Despite Rising Bond Yields

Conversely, the Dow and S&P 500 are eyeing weekly losses

Digital Content Manager
Dec 8, 2023 at 11:55 AM
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Stocks are muted this afternoon as traders unpack a hotter-than-expected jobs report for November and cross their fingers for a soft economic landing. Wall Street is deriving some optimism from the University of Michigan's latest report, however, which pointed to a drop in inflation expectations in December, as well as a rise in consumer sentiment to July levels.

All three major indexes were trading near breakeven at last check, with the S&P 500 Index (SPX) and Dow Jones Industrial Average (DJI) both looking to snap five-week win streaks. Meanwhile, the Nasdaq Composite (IXIC) is eyeing its sixth-straight weekly gain, despite rising Treasury yields.

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

  • Behind Spotify's layoffs and C-suite shakeup.
  • Lululemon stock starts holiday season strong.
  • Plus, DOCU options running hot; special cash dividend boosts MBI; slashed forecast dings RH.

MMC Stats 1208

Options traders are blasting Docusign Inc (NASDAQ:DOCU) today, after the software name reported better-than-expected third-quarter results. So far today, 50,000 calls and 33,000 puts have crossed the tape, which is 10 times the intraday average amount, with new positions being opened at the most active contract -- the weekly 12/8 50-strike call, which expires at the close. DOCU was last seen up 3.4% at $49.07, and attracted one price-target hike as well as three cuts. So far this year, the shares have added 12.7%. 

MBIA Inc (NYSE:MBI) was up 69.1% at $12.48 at last check, leading the New York Stock Exchange (NYSE). Today's bull gap came after the company today announced a special cash dividend of $8 per share, or about $409 million, on 51.1 million outstanding shares. The security blasted through overhead pressure at its 320-day moving average, and is trading at its highest level since March.

MBI 320 Day

Upscale furniture retailer RH Inc (NYSE:RH) is the worst stock on the NYSE, last seen down 14% at $242. The company slashed its annual revenue forecast yesterday due to economic headwinds, prompting no fewer than eight price-target cuts, with the harshest coming from Jefferies to $269 from $345. The security is down more than 8% for 2023.

 

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