SPX, Nasdaq Look to Continue Rally

The Dow is eyeing a minor weekly loss at this point in the day

Deputy Editor
Mar 1, 2024 at 11:57 AM
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Fresh off a fourth-straight monthly win on Wall Street, stocks are on the rise as the week winds down. The S&P 500 (SPX) and Nasdaq Composite (IXIC) are looking to extend yesterday's record closes and nab their seventh weekly wins in the last eight, while the Dow Jones Industrial Average (DJI) inches higher, heading for a weekly loss.

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

  • The 25 best stocks to own in March. 
  • Dell stock soars to record highs after earnings. 
  • Plus, 2 earnings reports to unpack, and Precision Biosciences' $40 million stock offerings.

mmc mar1

In the options pits today, Soundhound AI Inc (NASDAQ:SOUN) is at the top of the list of unusual volume. The stock is down 9.9% at $6.68 at last glance, after the artificial intelligence (AI) name's disappointing fourth-quarter results, after which two analysts still lifted their price targets. So far, 140,000 calls and 83,000 puts have been exchanged, which is already 2.2 times the average daily options volume. The weekly 3/1 7-strike call is the most popular, followed by the weekly 3/1 5.50-strike put, with new positions opening at the latter. In 2024, SOUN is already up 210% amid the AI craze, hitting a 21-month high of $7.90 on Feb. 27. 

SOUN Mar1

Sweetgreen Inc (NYSE:SG) stock is soaring to its highest levels since November 2022, up 25% at $15.92 at last look. The restaurant chain announced a mixed fourth-quarter report, which included an earnings miss but better-than-expected revenue, and 2023 revenue that topped estimates. No fewer than five analysts lifted their price targets after the event. Year over year, the equity is up 94.8%. 

Meanwhile, biotech stock Precision Biosciences Inc (NASDAQ:DTIL) is down 30.6% at $12.83, after the company announced a $40 million offering of common stock. Because the stock rallied this past week, however, DTIL is only back at last week's levels after today's plummet. Since the start of the year, the security is up roughly 18%, though sporting a 62% year-over-year deficit. 

 

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