Dow Eyes Worst Week of 2024 Despite Today's Rally

Investors are unpacking nonfarm payrolls data for March

Digital Content Manager
Apr 5, 2024 at 12:05 PM
facebook X logo linkedin


The Dow Jones Industrial Average (DJI) and Nasdaq Composite (IXIC) are once again attempting to rally, each boasting a triple-digit midday lead despite surging bond yields. The S&P 500 Index (SPX) is higher as well, as investors unpack hotter-than-expected nonfarm payrolls data, which points to a strong labor market but potentially hinders the prospect of interest rate cuts this summer. All three major indexes are on track for substantial weekly losses, with the Dow in particular pacing for its worst week since August.

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

  • Cinemark stock scores rare double upgrade.
  • Buyout boosts Shockwave Medical stock.
  • Plus, Bumble stock downgraded; GCTS surges on new deal; and ZGN plummets.

MMC Stats 045

Bumble Inc (NASDAQ:BMBL) is seeing increased bearish activity in the options pits today, with 50,000 puts across the tape so far -- 22 times the intraday average volume -- compared to just 201 calls. Most active is the weekly 5/10 8.50-strike put, where new positions are being bought to open. This morning, Raymond James issued a downgrade to "market perform" from "outperform," sending BMBL down 1.7% to trade at $10.63 and expanding the year-to-date deficit to 27.7%.

GCT Semiconductor Holding Inc (NYSE:GCTS) stock is up 53.4% to trade at $8.79, pacing the New York Stock Exchange (NYSE), after the chipmaker signed a deal with state-owned Aramco to accelerate the development of the 4G and 5G Saudi Arabian ecosystem. GCTS surged to a March 27, record high of $55, but still carries a 16.6% deficit for 2024.

Toward the bottom of the NYSE, meanwhile, is Ermenegildo Zegna NV (NYSE:ZGN). Shares were last seen down 15.8% to trade at $11.75, earlier slipping to their lowest level since January, despite a 19.3% increase in full-year organic revenue a 20% hike to its annual dividend amid strong demand. Shares are gapping firmly below the 60-day moving average, and shed 13% in the last six months. 

ZGN 60 Day

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI