S&P 500, Nasdaq Pull Back from Records

The Dow is faring the worst so far today

Deputy Editor
Mar 4, 2024 at 12:14 PM
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Fresh off its third weekly loss of 2024, the Dow Jones Industrial Average (DJI) is down 92 points today, while the Nasdaq Composite Index (IXIC) and S&P 500 Index (SPX) pull back from last session's record highs. So far, it's a quiet start to a busy week on Wall Street, with plenty of economic data due out later in the week, as well as remarks from Fed Chair Jerome Powell. 

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

  • SPX inclusion sending 2 stocks to record highs. 
  • Revised buyout offer gives Macy's stock a boost. 
  • Plus, options traders eye GTLB; PHUN soars; and SAVE stumbles on merger termination. 

MMC March4

Options traders are targeting GitLab Inc (NASDAQ:GTLB) ahead of the tech name's fourth-quarter report, due out after the close today. So far, 16,000 calls and 9,974 puts have been exchanged, which is already 4.2 time the stock's average daily options volume. The weekly 3/8 95-strike call is the most popular, where new positions are being opened. At last glance, GTLB was up 0.6% at $73.76. 

Software stock Phunware Inc (NASDAQ:PHUN) is one of the top stocks on the Nasdaq today, up 99.2% at $14.09 at last glance, as stocks linked to Donald Trump rise as the former president wins caucuses. Fresh off four-straight weeks of losses, the equity is still down 70.5% since last March. 

Meanwhile, Spirit Airlines Inc (NYSE:SAVE) is one of the worst performers on the New York Stock Exchange (NYSE), last seen down 14.5% at $5.52, after the airliners $3.8-billion merger agreement with JetBlue (JBLU) was terminated after being blocked by a U.S. judge due to anti-competition concerns. Sliding below the $6 level, which has provided a floor since late January, the equity is down 65.8% since the start of the year. 

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