Dow Heads for Weekly Loss Despite Rebound

The blue-chip index is looking to snap a five-week win streak

Deputy Editor
May 24, 2024 at 11:45 AM
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Both the Dow Jones Industrial Average (DJI) and Nasdaq Composite Index (IXIC) are up triple digits midday, brushing off yesterday's sharp selloff, while the S&P 500 Index (SPX) sits modestly higher as well. The Dow is still on track to snap a five-week win streak, however, while the S&P 500 wavers around breakeven for the week, and the Nasdaq looks to extend its weekly streak thanks to a boost from Nvidia (NVDA) and the rest of the chip sector. 

 

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

  • Boeing CFO gives warning after manufacturing mishaps. 
  • Beat-and-raise puts retailer on track for best day since 2022. 
  • Plus, FSLR surges after bull note; DECK hits record highs; and VSTM sinks. 

MMC May24

First Solar Holdings Inc (NASDAQ:FSLR) is jumping to 16-year highs today after a price-target hike from J.P. Morgan Securities to $262 from $240, attracting plenty of attention in the options pits. So far, 57,000 calls and 32,000 puts have been exchanged, which is already 2.7 time the average daily options volume. The weekly 5/24 270-strike call is the most popular, where new positions are being opened. FSLR is up 7.9% at $269.57, earlier as high as $270.99, and sporting a 56.7% year-to-date gain. 

FSLR May24

Deckers Outdoor Corp (NYSE:DECK) is up 12.5% at $1,017.86 at last look, crossing above $1,000 for the first time ever, after the company's stellar fiscal fourth-quarter results. No fewer than 14 analysts lifted their price targets after the event, and Wedbush called it "one of the strongest names." Year to date, DECK is up 52.3%. 

Conversely, Verastim Inc (NASDAQ:VSTM) is at the bottom of the Nasdaq today, down 61.7% at $4.66 at last glance, marking 52-week lows. The biotech name announced a series of updates, including trial data showing pancreatic cancer treatment saw early-stage success, and the start of a regulatory submission to win approval from the U.S. Food and Drug Administration (FDA) for its cancer therapy combo. Since the start of the year, the equity is down 43%. 

 

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