Stocks Stall as Investors Await Key Jobs Report

Will the Fed follow the ECB's lead?

Deputy Editor
Jun 6, 2024 at 11:59 AM
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Wall Street is hoping to follow up a record-setting session with more gains, as all three benchmarks hover just near breakeven following this morning's jobs and productivity reports. Investors are also awaiting tomorrow's nonfarm payroll data, which could pressure the Federal Reserve to lighten its monetary policy. This comes just after the European Central Bank (ECB) this morning cut rates for the first time since September 2019.

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

  • Taking a look at Robinhood's newest acquisition
  • E-commerce giant lifted by bull note.
  • Plus, options traders target the "industry standard," and 2 earnings reports to unpack.

Midday Market Stats June 062024

Nvidia Corp (NASDAQ:NVDA) is 1.5% lower at $1,206.66 at last glance, reversing earlier gains that put the stock at a new all-time high of $1,255.87. The "industry standard," according to Goldman Sachs, rallied yesterday to a market cap above $3 trillion, proving once again that it's the dominant name in the artificial intelligence (AI) chip space. Options traders are weighing in on the movement, with the 575,000 calls and 378,000 puts traded so far amounting to double the average intraday volume. Plus, new positions are opening at the 20 most popular contracts, led by the weekly 6/7 1,250-strike call.

Lululemon Athletica Inc (NASDAQ:LULU) is 5% higher at $323.81 at last glance, after the apparel retailer reported better-than-expected earnings and revenue for the first quarter. On the flip side, Lululemon issued a weak second-quarter outlook, with sales cooling in the Americas, its largest market. Year to date, LULU is down 37.4%.

Five Below Inc (NASDAQ:FIVE), meanwhile, was last seen 11% lower at $118.22 after a disappointing trip to the earnings confessional. The discount retailer issued a soft current-quarter revenue outlook, paired with first-quarter revenue that fell below expectations. Now trading at a nearly four-year low, FIVE is down 45.7% in 2024. 

FIVE Chart June 062024

 

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