All three major indexes are headed for weekly wins
Stocks are continuing to rally today, with the Dow Jones Industrial Average (DJI) and Nasdaq Composite Index (IXIC) up triple digits. The DJI is headed for its ninth-straight daily win alongside the S&P 500 Index (SPX), putting the former on pace for its longest win streak since 2023 and the latter in over two decades. This morning's upbeat jobs report is giving the market a lift, though spirits were already high after news that China may start trade negotiations with the U.S. At this point, all three major benchmarks are on track for their second weekly win.
Continue reading for more on today's market, including:
- Apple stock hit with downgrades after earnings.
- Roku stock plummets after disappointing guidance.
- Plus, options traders target XYZ's nosedive; and two more stocks moving after earnings.
Options traders are targeting Block Inc (NYSE:XYZ) today, with 144,000 calls and 76,000 puts exchanged so far, which is already 9 times the stock's average daily options volume. The weekly 5/9 52-strike call is the most popular, with new positions being opened. XYZ is down 21.8% at $45.75 at last glance, on track for its second worst day ever, after a first-quarter earnings miss led no fewer than four analysts handing out bear notes on the stock. Trading at more than 52-week lows, the equity is down 46.2% since the start of the year.
Adaptive Biotechnologies Corp (NASDAQ:ADPT) is soaring today, up 33.8% at $9.85 at last glance, after a narrower-than-expected first-quarter loss and a revenue beat. J.P. Morgan lifted its price target to $10 after the event. Now trading at two-year highs, the biotech name is up 64.3% year to date.
LendingTree Inc (NASDAQ:TREE) is down 25.2% at $40.45, after the consumer lending company's mixed first-quarter report and disappointing sales forecast. Support at the $40 level appears to be keeping today's losses in check, however, and the stock is still holding on to a 4% year-to-date lead.