Investors have the latest ADP jobs report to unpack
Stocks are starting off April strong, with the Dow Jones Industrial Average (DJI) and Nasdaq Composite (IXIC) up triple digits each. The S&P 500 Index (SPX) is buzzing as well, after President Donald Trump revealed on Truth Social that Iran had asked for a ceasefire. However, Trump insisted the Strait of Hormuz must be open for the conflict to end. Investors are also unpacking the latest ADP jobs report, which showed higher-than-expected private job growth in March, with the healthcare and construction sectors continuing to lead the charge.
Nike Inc (NYSE:NKE) stock is getting attention in the options pits today. At last look, over 348,000 contracts have changed hands, volume that's seven times the average intraday amount. The weekly 4/2 46-strike call is the most popular, with new positions being opened there. Nike stock is 13.8% lower to trade at $45.53 at last glance, and earlier hit a 11-year low of $45.19, after the retailer's sales warning overshadowed its top-line beat for the fiscal third quarter. Over 13 analysts issued price-target cuts, the worst coming from Deutsche Bank to $51 from $54, while BofA Global Research also downgraded the stock to "neutral" from "buy." NKE is now down 28.5% year to date.
Western Digital Corp (NASDAQ:WDC) stock is pacing the
tech sector today, last seen up 11.2% to trade at $300.75, as memory chips across the board enjoy the broad market rally. An upgrade from Bernstein to "outperform" from "market perform" combined with a lofty price target hike to $340 from $170 is driving this surge well, with the firm citing an intriguing entry point. WDC is up 74.9% in 2026 and not far off its March 18, record of $319.62.
Philip Morris International Inc. (NYSE:PM) stock is near the bottom of the New York Stock Exchange (NYSE), down 5.8% to trade at $155.79. A Reuters report indicated the Food and Drug Administration (FDA) put a fast-track program for oral nicotine pouches on hold. PM is trading at its lowest level since Jan. 8 and has breached its year-to-date level, an area that coincides with its 320-day moving average.
