Stocks Rise Amid Flood of Economic Data

Investors are still weighing yesterday's rate decision as well

Deputy Editor
Feb 1, 2024 at 12:03 PM
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Stocks are comfortably higher this afternoon, as investors continue to unpack the Fed's rate decision as well as this morning's jobs data. The U.S. ISM manufacturing index came in at 49.1 in January, higher than Wall Street's estimates of 47.2 but remaining below the 50 mark that represents contraction territory for the 15th-straight month. In other economic data, productivity rose 3.2% last quarter, while unit labor costs rose just 0.5%. 

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

  • Qorvo announced strong earnings and a new acquisition. 
  • Options bulls target Merck stock after upbeat results.
  • Plus, chip stock seeing an options surge; NRBO soars on obesity drug news; and PTON hits record lows. 

MMC Feb1

Options traders are blasting Qualcomm Inc (NASDAQ:QCOM) stock today, with 79,000 calls and 52,000 puts exchanged so far today -- 2.3 times the average daily volume already. Though the semiconductor company reported strong fiscal first-quarter results, Citi downgraded the stock to "neutral" from "buy," citing disappointing guidance. At last glance, QCOM was down 4% at $142.50, though still hanging on to a slim 2.8% year-over-year lead. 

Biotech name NeuroBo Pharmaceuticals Inc (NASDAQ:NRBO) is soaring out of penny stock territory today, up 69.5% at $5.54 at last glance, earlier as high as $6.05. The company is entering the obesity drug craze, starting human trials of its experimental treatment, DA-1726, after the U.S. Food and Drug Administration (FDA) cleared its application. Trading at its highest levels since April 2023, NRBO is still down 14% year over year.  

On the other hand, Peloton Interactive Inc (NASDAQ:PTON) is one of the worst-performing stocks on the Nasdaq today, after the fitness platform reported dismal current-quarter and full-year forecasts following mixed fiscal second-quarter results. PTON hit a record low of $4.17 earlier today, and is currently down $12.6% at $4.25 at last check. 

PTON Feb1

 

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