Tech Sector Woes Drag Broader Market Lower

The ISM services index saw a slightly wider-than-expected dip

Digital Content Manager
Mar 5, 2024 at 11:58 AM
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The Dow Jones Industrial Average (DJI) and Nasdaq Composite Index (IXIC) are both sporting triple-digit losses this afternoon as the tech sector struggles, while the S&P 500 Index (SPX) is also lower. Traders are also unpacking a slightly wider-than-expected dip in the Institute for Supply Management (ISM) services index for February and Bitcoin's (BTC) fresh record high, though the cryptocurrency has since slipped into red territory.

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

  • Behind GitLab stock's post-earnings bear gap
  • Target stock surges after top- and bottom-line win.
  • Plus, BMBL sinks to record low; electronic billing stock on the rise; and public offering dings Albemarle stock.

MMC Stats 0305

Bumble Inc (NASDAQ:BMBL) is one of the most heavily targeted names in the options pits today, with 47,000 puts traded so far, which is 6 times the intraday average volume. Most popular is the weekly 4/12 9.50-strike put, with new positions opening there. BMBL was last seen down 3.4% to trade at a record low of $10.90, and is on track for its third-straight daily loss, after the company agreed to buy back shares from Blackstone (BX) for $50 billion. Bumble stock already shed over 26% in 2024.

Paymentus Holdings Inc (NYSE:PAY) stock is leading the New York Stock Exchange (NYSE) today, up 20.8% at $19.75 at last check. The electronic billing name yesterday announced better-than-expected fourth-quarter earnings and revenue thanks to strong transaction growth. The shares earlier hit their highest level since April 2022, blasting past pressure from the 60-day moving average. PAY has added 143.3% in the last 12 months.

PAY 60 Day

 

Albemarle Corporation (NYSE:ALB) is among today's NYSE underperformers, last seen down 12.3% at $116.82. The company yesterday announced a public offering of $1.75 billion of depositary shares, and noted the proceeds will be used to fund growth capital expenditures, including lithium operations in Australia and China. The equity is dangerously close to its Feb. 5, three-year low of $108.39, and carries a 55.2% year-over-year deficit.

 

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