Dow Up 360 Points, Eyes Best Day Since March

Jobs data is injecting optimism into the market

Digital Content Manager
May 3, 2024 at 11:52 AM
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The Dow Jones Industrial Average (DJI) and Nasdaq Composite (IXIC) are up triple digits at last check amid reignited interest rate cut hopes, as the former eyes a third-straight daily gain and best single-session pop since March 27. The S&P 500 Index (SPX) is also firmly higher, while the Cboe Volatility Index (VIX) is on track for a third consecutive drop. Today's rally on the heels of cooler-than-expected jobs data and lower Treasury yields is just what stocks needed to secure weekly gains. 

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

MMC Stats 0503

Cloudflare Inc (NYSE:NET) is seeing unusual activity in its options pits today, with 23,000 calls and 26,000 puts traded so far, volume that's seven times the average intraday amount. Most active is the May 70 put, but traders are also opening new positions at the weekly 5/3 70-strike put. Shares are down 15.9% to trade at $74.80 at last check -- their lowest level this year -- after the cybersecurity company's first-quarter profit whiffed on estimates. After no fewer than seven price-target cuts, NET is down more than 11% for 2024.

The shares of Adtalem Global Education Inc(NYSE:ATGE) are up 16.6% to trade at $61.08 at last check, following the company's top- and bottom-line beat of the fiscal third quarter. The equity yesterday overcame resistance from the 80-day moving average, which declined its April rally. During the last 12 months, ATGE added more than 43%.

ATGE 80 Day

Sprout Social Inc (NASDAQ:SPT) stock is pacing towards the bottom of the Nasdaq today, last seen down 37.3% to trade at $30.19. In addition to reporting a revenue miss for the first quarter, the software company also lowered its guidance for the year. SPT is now pacing for its third-straight daily loss, and worst single-day percentage loss on record. After earlier gapping to a four-year low, the security is down 50% for 2024.

 

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