The Dow is flat but the tech-heavy Nasdaq is pushing higher
Stocks are all over the place today. The Dow Jones Industrial Average (DJI) was off by triple digits at its session lows but has since pared those losses. The tech-heavy Nasdaq Composite (IXIC) is up 184 points thanks to a slew of upbeat corporate earnings from the Magnificent Seven. The S&P 500 Index (SPX) is splitting the difference and only cautiously higher, as investors weigh the tech earnings with a red-hot jobs report. In response to the robust labor market, the 10-year Treasury yield was last seen over 4%.
Continue reading for more on today's market, including:
- Options traders blitz Apple stock after earnings.
- Mark Zuckerberg and Meta cannot be stopped.
- Plus, TEAM bulls call a bottom; AMD gets halo lift; and another bear note for FSLR.
Atlassian Corp. plc (NASDAQ:TEAM) is seeing a surge in options activity today. At last check, over 21,000 contracts have changed hands, volume that's 12 times the average intraday amount and already pacing for an annual high. Most of the action is happening at the April 230 call, where new positions are being bought to open. TEAM is down 12.3% to trade at $223.49, after the cloud software company's mixed fiscal second-quarter report. Six brokerages hiked their price targets, while Barclays trimmed its target to $235.
Advanced Micro Devices, Inc. (NASDAQ:AMD) stock is up 3.4% to trade at $176.30, the chipmaker likely getting a halo lift from the upbeat Big Tech earnings. AMD hit a record high of $184.92 on Jan. 25, but is headed for a weekly loss today. Despite the pullback, support is emerging at the 20-day moving average, and the shares have scored three consecutive double-digit monthly gains.
Alternative energy stock First Solar Inc (NASDAQ:FSLR) is near the bottom of the SPX today, last seen 4.1% lower to trade at $141.81. BMO trimmed FSLR's price target to $194 from $207 this morning, resulting in the shares heading for their lowest close in nearly two months. First Solar stock is 16.5% lower year-over-year, with its recent rally to end 2024 capped at its 160-day moving average.
