Stocks Push Higher as Dow Eyes Seven Straight

The S&P 500 and Nasdaq are also firmly in the black midday

Managing Editor
May 9, 2024 at 11:52 AM
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Despite premarket volatility and some red-hot jobs data, the Dow Jones Industrial Average (DJI) has once again pared morning losses and is up 194 points midday. The blue-chip index is on track to secure a seventh-straight win, which would be its longest winning streak since November. The S&P 500 (SPX) and Nasdaq Composite (IXIC) are both higher as well, but as has been the theme all week, are more range bound, as investors parse through the latest batch of earnings reports.

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

  • Robinhood stock sees price-target hikes after earnings.
  • Options traders shift stance on Airbnb stock.
  • Plus, puts pop on WBD; Warby Parker breaks out; and a video game stock falls. 

MMC Stats May 9

Options bears are targeting Warner Bros Discovery Inc (NASDAQ:WBD) today, after the embattled media company reported a larger-than-expected loss and revenue that whiffed on estimates. At last check, 63,000 puts have changed hands midday, volume that's six times the average intraday amount and triple the number of calls traded. The June 6.50 put is the most popular by far, with new positions being bought to open. WBD is up 1.7% to trade at $7.91 at last check, despite the dismal results.   

Warby Parker Inc (NYSE:WRBY) stock is near the top of the New York Stock Exchange (NYSE) today, last seen up 18.5% to trade at $14.73. The eyewear retailer shrugged off a revenue miss for the first quarter, with investors instead cheering the raised fiscal-year forecast. WRBY is now up 5.3% in 2024 and 27.6% year-over-year, but is running into familiar pressure at the $15 level, which has only been toppled on a closing basis once in the last year.

MMC Stock Chart WRBY

Roblox Corp (NYSE:RBLX) stock is on the other end of the spectrum, down 21.3% to trade at $30.77, on track for its worst single-session decline since Aug. 9. The video game company is deep in the red after first-quarter bookings fell short of estimates, prompting Roblox to trim its annual guidance. RBLX is trading at its lowest level since October, and is now down 32% in 2024. 

 

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