Dow Off Triple Digits as Nasdaq Inches Higher

The PPI reading for March was cooler than analysts anticipated

Digital Content Manager
Apr 11, 2024 at 11:52 AM
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Stocks are all over the place this afternoon. The Dow Jones Industrial Average (DJI) is down 221 points, on track for its fourth consecutive loss and eighth negative session in the last nine. The S&P 500 Index (SPX) is slightly below breakeven, while the Nasdaq Composite (IXIC) is marginally higher after a cooler-than-expected producer price index (PPI) reading for March.

Today's data comes in contrast with yesterday's red-hot consumer price index (CPI) reading for last month. Traders are also reacting to comments from New York Federal Reserve President John Williams noting there is no need for near-term policy changes.

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

  • Analyst upgrades struggling Nike stock.
  • CarMax stock plummets after earnings.
  • Plus, new coverage dings KVUE; Fiverr's buyback program; Globe Life gets shorted.

MMC Stats 0411

Kenvue Inc(NYSE:KVUE) stock is off 3.8% to trade at $19.47, after Bernstein initiated coverage on the skincare company with an "underperform" rating and $18 price target. Options traders are chiming in as well, with 14,000 calls and 9,998 puts across the tape so far, which is six times the intraday average volume. Most active is the April 19-strike put, with new positions being bought to open there. Shares are down 9.3% so far this year, and are today gapping below the 40-day moving average. 

KVUE 40 Day

The shares of Fiverr International Ltd (NYSE:FVRR) are up 9.3% to trade at $21.00, after the company's board authorized a $100 million share buyback program. Leading the New York Stock Exchange (NYSE) today, FVRR is running into resistance from its 20-day moving average. The stock has also lost more than 39% in the last 12 months.

Globe Life Inc (NYSE:GL) stock is at the bottom of the NYSE, last seen down 15.9% to trade at $88.29. Today's bear gap comes after Fuzzy Panda Research disclosed a short position in the company due to alleged insurance fraud. The equity earlier gapped to a four-year low of $84.27, and is down 27% in 2024. 

 

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