The Dow is on track for its eighth drop in nine sessions
Despite an upbeat jobs report and an in-line personal consumption expenditures (PCE) price index reading, stocks are selling off today. The Dow Jones Industrial Average (DJI) and Nasdaq Composite (IXIC) are suffering more than 350- and 400-point drops, respectively, the former eyeing its eighth drop in nine sessions and the latter on track for its worst daily performance since Sept. 3 The S&P 500 Index (SPX) is trailing as well, with most of today's losses attributable to steep post-earnings plunges out of Microsoft (MSFT) and Meta Platforms (META).
Continue reading for more on today's market, including:
Electric bike maker Peloton Interactive Inc (NASDAQ:EA) is up 28% and fresh off an annual peak of $8.47, on track to log its best daily percentage pop since August, after posting a breakeven fiscal first-quarter earnings report. Revenue came in above estimates, but triggering today's surge is news Peter Stern will be the next CEO. PTON is seeing action in the options pits, with 124,000 calls and 17,000 puts traded so far, 9 times the average expected volume. Most popular is the weekly 11/1 8-strike call, slated to expire tomorrow.
Lemonade Inc (NYSE:LMND) has the top spot on the New York Stock Exchange (NYSE) this afternoon, up more than 30% at $24.70, at last glance. The insurance company shared a third-quarter beat, sending the stock to a nearly two-year peak. Over the last 12 months, LMND has surged 122%.
Beauty name Estee Lauder Companies Inc (NYSE:EL) is one of the worst stocks on the NYSE, down 17.2% at $72.30 this afternoon, plunging after fiscal first-quarter results showed a 4% drop in net sales. The company cited a lagging Chinese market and travel sector as major contributors. Today's bear gap puts the security at its lowest mark since early 2013. EL has been struggling on the charts for some time, failing to break above its $100 level in September, with added pressure overhead at the 80-day moving average.
