Stocks Lower as Investors Parse Jobs Data

The VIX is moving higher amid increased volatility

Deputy Editor
Jun 4, 2024 at 12:08 PM
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Stocks are lower this afternoon, as Wall Street continues to search for a catalyst to break away from an uneven start to the month. Adding to the volatility, April's job openings fell more than expected, dipping to more than three-year lows. In response, the Dow Jones Industrial Average (DJI) is modestly lower, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are deeper in the red. Elsewhere, the Cboe Volatility Index (VIX) is pacing for its sixth win in seven sessions.

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

  • Cybersecurity stock brushes off bull note.
  • New updates and lower prices fail to lift chip stock.
  • Plus, options traders react to GitLab earnings; OWLT's pop; and short seller targets bank name.

Midday Market Stats June 042024

GitLab Inc (NASDAQ:GTLB) is 2.3% lower at $46.01 at last glance, even after the software company reported first-quarter earnings and revenue that bested first-quarter expectations. Options traders are responding to the event with 14,000 calls and 21,000 puts traded so far, which is eight times the intraday average volume. Most popular is the weekly 6/7 53-strike put. The reason for today's dip is a weaker-than-expected revenue forecast for the fiscal second quarter. GTLB is down 26.9% this year.

Without a clear-cut catalyst, Owlet Inc (NYSE:OWLT) is 14.7% higher at $4.13. The equity is trading at post-earnings highs from early of May, but remains firmly below its year-to-date breakeven, down 21% in 2024. Over the past 12 months, however, OWLT added 39.1%.

OWLT Chart June 042024

Shares of Axos Financial Inc (NYSE:AX) are 9.3% lower at $47.59, after Hidenburg Research announced its short position on the equity, citing problems with the bank's loan portfolio and underwriting standards. Today's bear gap puts AX at a new low for the year, and down 12.4% in 2024. 

 

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