Stocks Attempt Bounce Despite Surging Bond Yields

Stocks are clawing their way out of the red, despite hotter-than-expected private payrolls data. The Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) could today see their first win in three sessions, and the Nasdaq Composite (IXIC) sports a solid midday lead as well. Traders are brushing off a surging 10-year Treasury yield and oil prices, as well as comments from Atlanta Fed President Raphael Bostic, who foresees only one interest rate cut this year.

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

• Semiconductor stock moves lower after downgrade.
• Cal-Maine stock surges on strong quarterly revenue.
• Plus, Nuvei enters take-private deal; SIG surges on upbeat forecast; and a volatile chip stock.

Nuvei Corp (NYSE:NVEI) is seeing increased options activity today, with 17,000 calls exchanged so far, which is 12 times the volume typically seen at this point. The April 30 call is the most popular contract, followed by the 27.50 call in the same series. The company earlier this week entered a take-private deal that values at $6.3 billion, which attracted a slew of analyst adjustments, including downgrades from UBS and Raymond James to "neutral" and "market perform," respectively. The shares are down 0.2% at $32.20 at last check, after surging to their highest level since late July on Monday.

Signet Jewelers Ltd(NYSE: SIG) is one of the best stocks on the New York Stock Exchange (NYSE) today, up 11% to trade at $105.50 at last check. The parent of Kay Jewelers raised its 2025 profit outlook and also revealed plans to buy back half of the preferred shares from private equity firm Leonard Green & Partners. Shares are once again attempting to conquer the 60-day moving average, and added 37.3% in the past 12 months.

Shares of GCT Semiconductor Holding Inc (NYSE:GCTS) are at the bottom of the NYSE, last seen down 46.7% at $8.26. The driver of this negative price action remains unclear, but the semiconductor sector appears to be struggling today, and the company Monday appointed Nelson C. Chan to its board of directors. GCTS has been extremely volatile of late, hitting a March 27 all-time high of $55 before staging several gaps lower. For 2024, the stock is down 28.4%.