Small caps are among the worst performers today
Stocks are flirting with breakeven today, as the latest jobs data spikes bond yields and weighs on Wall Street sentiment. The Dow Jones Industrial Average (DJI) is modestly lower at last check, heading for its third-straight loss. The S&P 500 and Nasdaq are also inching lower, while the small cap Russell 2000 (RUT) is the worst-performing index midday. Against this backdrop, the Cboe Volatility Index (VIX) is heading toward its highest close since Dec 19.
Continue reading for more on today's market, including:
PG&E Corp (NYSE:PCG) options are buzzing today. At last check, over 13,000 puts have changed hands, volume that's six times the average intraday amount and 15 times the number of puts traded. The January 2025 19 put is the most popular, with new positions being sold to open. PCG is down 3.1% to trade at $19.34, the utility company struggling as southern California wildfires intensify in the Palisades.
eBay Inc (NASDAQ:EBAY) is trying to prop up the Nasdaq today, last seen up 11.8% to trade at $70.66, after Meta Platforms (META) launched test showings of eBay listings on its Facebook marketplace. eBay stock is up 68% year-over-year, bouncing off support at its 100-day moving average.
Palo Alto Networks Inc (NASDAQ:PANW) stock is near the bottom of the Nasdaq, last seen down 4% to trade at $168.70, after Deutsche Bank downgraded the cybersecurity name to "hold" from "buy." While also trimming its price target to $190 from $207, the analyst in coverage turned bearish on the company's growth prospects in its core network security market. PANW is up 12% in the last 12 months, but is testing its 200-day moving average with today's drawdown.