Dow Rebounds, On Track for 6 Straight

Oil touched an eight-week low this morning

Deputy Editor
May 8, 2024 at 12:11 PM
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The Dow Jones Industrial Average (DJI) reversed its morning's losses, up 61 points midday and looking to extend its longest win streak of 2024 to six days. The S&P 500 (SPX) and Nasdaq Composite (IXIC) have rebounded a bit as well, though both are still sitting in the red.

Investors are eyeing wholesale inventories, which fell 0.4% in March, in line with estimates, and are down 2.3% year over year. Meanwhile, U.S. oil prices hit an eight-week low today before turning higher. 

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

  • Reddit beat expectations in first-ever earnings report
  • Shopify stock headed for worst day ever. 
  • Plus, options bears blast MTCH; INOD soars on upbeat guidance; and TRIP plummets after ruling out a merger. 

MMC May8

Match Group Inc (NASDAQ:MTCH) is on fire amongst put traders today, as the stock drops following its disappointing second-quarter forecast. So far, 62,000 puts have been exchanged, 16 times the intraday average put volume, compared to 16,000 calls. The weekly 6/14 26-strike put is the most popular, where new positions are being opened. At last glance, MTCH was down 5.9% at $29.66, earlier hitting a six-year low of $27.65. 


The shares of Innodata Inc (NASDAQ:INOD) are up 37.4% at $9.26 at last glance, after the software development company announced record first-quarter results and raised its full-year revenue forecast, expecting a 40% growth in organic revenue. Breaking above pressure at the $7 level, INOD is trading at its highest levels since February. Since the start of the year, the equity is up 14.1%. 

On the other hand, Tripadvisor Inc (NASDAQ:TRIP) is down 29.3% at $18.01, earlier as low as $15.88, after a special committee ruled out a possible merger for now, saying it would be best for shareholders. Gapping to its lowest levels since November, TRIP now sports a 16% year-to-date deficit. 


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