Bitcoin is giving crypto a halo lift
Swiftly discarding yesterday's record closes, the Dow Jones Industrial Average (DJI) is down triple digits midday, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) sit tentatively around fair value. Crypto enthusiasm is failing to boost the broader market, as Bitcoin's (BTC) record highs boost the sector, but investors are already looking ahead to tomorrow's employment data. This morning, jobless claims came in above estimates, while the U.S. trade deficit narrowed a greater-than-expected 11.9% in October.
Continue reading for more on today's market, including:
- Retail stock eyes worst day of 2024.
- Kroger misses 3rd-quarter revenue estimates.
- Plus, options traders target FIVE; AAL surging after several updates; and SIG crumbles after earnings.
Options traders are targeting Five Below Inc (NASDAQ:FIVE) after the company's third-quarter beat-and-raise. So far, 7,064 calls and 5,122 puts have been exchanged, which is 4 times FIVE's average daily options volume. The December 100 put is the most popular, while new positions open at the December 125 call. At last look, Five Below stock was up 12.1% at $117.70, hitting its highest levels since June.
American Airlines Group Inc (NASDAQ:AAL) is up 11.5% at $16.59 at last glance, after the company lifted its fourth-quarter earnings forecast. The airliner also dropped Barclays in favor of Citigroup as its credit card provider, and Seaport Research today upgraded the stock to "buy" from "neutral." Trading at fresh 52-week highs, AAL is up 22% in 2024.
Shares of Signet Jewelers Ltd (NYSE:SIG) are down 12.3% at $86.54, and headed for their worst day since June, after the company missed third-quarter earnings estimates and slashed its full-year forecast. Year to date, the equity is down 19%.