Dow Stages Midday Bounce Ahead of Fed Decision

Job openings slipped to their lowest level since February 2021

Digital Content Manager
May 1, 2024 at 11:48 AM
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The Dow Jones Industrial Average (DJI) reversed premarket losses ahead of the Federal Reserve's interest rate decision this afternoon, but the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are still lower.

Lackluster reports from chip giants Advanced Micro Devices (AMD) and Super Micro Computer (SMCI) are weighing on the tech-heavy benchmark today. Traders also have the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) to unpack, which showed job openings slipped to 8.49 million in April -- the lowest level since February 2021. 

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

  • Upbeat revenue forecast lifts social media stock.
  • Starbucks stock sees post-earnings bear notes.
  • Plus, options traders target cruise stock; TMDX notches record high; and LEG gaps to 15-year lows.

MMC Stats 0501

Options volume on Norwegian Cruise Line Holdings Ltd(NYSE:NCLH) stock is running hot today, with 55,000 calls and 20,000 puts traded so far, volume that's seven times the average intraday amount. New positions are being bought to open at the 5/10 18.50 strike call, the most popular contract. NCLH is down 11.7% to trade at $16.71, trading at its lowest level since February after the cruise giant missed first-quarter revenue estimates. Shares are 15.8% lower this year and eyeing a fourth-straight loss.

Near the top of the Nasdaq is TransMedics Group Inc(NASDAQ:TMDX) stock, up 26.8% to trade at $119.40 and earlier hit a record high of $121.92. The medical device company's surprise first-quarter profit, revenue win, and strong 2024 forecast earned three price-target hikes, the highest coming from J.P. Morgan Securities to $127 from $105. TMDX is pacing for its best day since November, and up than 213% in the last six months.

Leggett & Platt Inc (NYSE:LEG) stock is pacing the New York Stock Exchange's (NYSE) laggards, last seen down 30.4% to trade at a 15-year low of $12.59. In addition to missing first-quarter earnings and revenue estimates, the mattress company also cut dividends for the current quarter. Shares have struggled with resistance from the 40-day moving average for most of 2024, contributing to a 53.2% year-to-date deficit.

 

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