Dow Looks to Rebound from Yesterday's Slide

Oil prices are on the rise

Deputy Editor
Feb 6, 2024 at 11:57 AM
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Stocks are mixed today following yesterday's sharp sell-off. The Dow Jones Industrial Average (DJI) is firmly higher at last look, while the S&P 500 Index (SPX) sits flat, and the Nasdaq Composite (IXIC) dips into the red.

Data today showed U.S. credit card debt hitting a record $1.13 trillion last quarter, up $50 billion from the previous quarter. Meanwhile, oil prices are on the rise as analysts assess conflict in the Middle East. 

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

  • Palantir Technologies stock soaring after AI demand boosts revenue. 
  • Analyst downgrades underperforming biopharma stock
  • Plus, options traders target SPOT's 2-year highs; TENX tops the Nasdaq; and SYM slides on forecast. 

MMC Febu6

Music streaming stock Spotify Technology SA (NYSE:SPOT) is jumping to two-year highs today, up 9.1% at $243.61 at last glance, after monthly user and subscriber growth beat estimates. So far, 36,000 calls and 22,000 puts have been exchanged, which is already 3.1 times the average daily options volume. The weekly 2/9 250-strike call is the most popular, with new positions opening there. Year over year, the equity is up 97.1%. 

SPOT Feb6

Biotech stock Tenax Therapeutics Inc (NASDAQ:TENX) is at the top of the Nasdaq today, up 82.1% at $15.80 at last glance, after receiving additional patents for its heart disease drug, which will begin late-stage testing in the fourth quarter.  Over the past 12 months, the equity is still down roughly 87%. 

Symbotic Inc (NASDAQ:SYM) is down 22.6% at $38.38 at last check, after the company's disappointing current-quarter earnings forecast. No fewer than four analysts cut their price targets after the report. Should these losses hold, SYM will mark its worst day since June 2022. Since last February, the machinery name is still up an impressive 145.7%. 

 

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