Stocks Sport Midday Gains After Jobs Data, Fed Remarks

Today's jobs report came in just below estimates

Deputy Editor
Mar 6, 2024 at 11:35 AM
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The Dow Jones Industrial Average (DJI) and Nasdaq Composite Index (IXIC) are bouncing back, after both indices yesterday turned in triple-digit losses. Along with the S&P 500, both benchmarks are attempting to reclaim recent highs, after Federal Reserve Chair Jerome Powell told Congress that interest rate cuts aren't off the table this year. In addition, traders are unpacking this morning's employment report that was slightly lower than expected.

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

  • Palantir inks $178.4 million U.S. Army contract.
  • Earnings gives CrowdStrike stock a record-breaking boost.
  • Plus, HPE's options activity; JD's repurchase program; and Foot Lock's earnings.

Midday Market Stats March 62024

Hewlett Packard Enterprise Co (NYSE:HPE) is one of the most heavily targeted names in the options pits today, with 91,000 calls traded compared to just 10,000 puts. Total options volume is running at 14 times the average intraday amount, with the March 19 call seeing the most activity. HPE is 8.7% higher at $19.67 at last glance, earlier hitting a record peak of $20.07 as it extends a post-earnings rise. Over the last 12 months, Hewlett-Packard stock has added 32.2%.

HPE Chart March 62024

Shares of U.S.-listed Chinese e-commerce company JD.Com Inc (NASDAQ:JD) are near the top of the Nasdaq. This positive price action follows JD.Com's quarterly revenue increase and its $3 billion share repurchase program that will begin on March 17 and run until March 2027. Last seen 16.8% higher at $25.04, JD is now trading at its highest level since early January, though it remains more than 20% lower year to date.

Foot Locker Inc (NYSE:FL) is one of the worst performing equities on the New York Stock Exchange (NYSE) today, down 26.6% to trade at $25.20 at last glance. The sneaker retailer reported worse-than-expected losses for the holiday quarter, and issued a cloudy forecast for the current year. In response to today's dip, FL breached its year-to-date breakeven mark, now down nearly 17% in 2024.

 

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