SPX Headed for Weekly Win, All Eyes on Potential Rate Cuts

The Dow is heading for a weekly loss

Deputy Editor
Mar 8, 2024 at 12:12 PM
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Stocks are scattered this afternoon, and heading for mixed performances on the week and day. The S&P 500 Index (SPX) is pacing for a third straight weekly win, as investors bet on interest-rate cuts amid a rising unemployment rate. Elsewhere, the Dow Jones Industrial Average (DJI) is on track for its second consecutive weekly loss, while the Nasdaq Composite (IXIC) also sits red on the week.

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

  • A delayed FDA approval is dragging Eli Lilly stock lower.
  • Gap stock rolling in bull notes after earnings.
  • Plus, MRVL's options activity; Carvana's upgrade; and Big Lots' big time let down.

Midday Market Stats March 82024

Options traders are targeting Marvell Technology Inc (NASDAQ:MRVL) after the semiconductor product supplier revealed lighter-than-expected revenue and earnings guidance for the first quarter. The stock was last seen 6.8% lower at $79.25, while more than 161,000 calls and 90,000 puts have already crossed the tape. That amounts to five times the the intraday average volume, with new positions opening at the most popular, March 100 call. Pulling back from yesterday's more than two-year highs, MRVL is still up 94.1% over the last 12 months.

MRVL Chart March 82024

Carvana Co (NYSE:CVNA) is outperforming on the New York Stock Exchange (NYSE), following an upgrade from RBC. The analyst hiked its view on the online car retailer to "sector perform," citing fair valuation and an setup that will allow for excellent unit acceleration. Last seen up 11.3% at $88.46, CVNA now sports a more than 950% year-over-year lead.

Near the bottom of the NYSE is Big Lots Inc (NYSE:BIG), after the retailer last night reported wider-than-expected losses for the fourth quarter. What's more, Piper Sandler cut its price target on BIG to $3 from $3.50. Big Lots stock was last seen 11.3% at $4.64, adding to a 66% year-over-year deficit.

 

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