An ugly payrolls report and China's export drop are weighing heavy on stocks
Stocks are notably lower in afternoon trading, as U.S. jobs data came in well below expectations. Specifically, the slim 20,000 job growth for February, combined with China's steep drop in exports, has the Dow Jones Industrial Average (DJI) down triple digits. The blue-chip index -- alongside the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) -- is pacing for a fifth straight daily loss, which would mark its first since June 2018. The indexes are also set for a weekly loss, which would be the Nasdaq's first since December.
Continue reading for more on today's market, including:
- FAANG stock lower on one senator's break-up plan.
- Retail stock shocking shorts on a post-earnings bull gap.
- Plus, one tech company's disappointing forecast; and 2 stocks at the bottom of the NYSE and Nasdaq.
Marvell Technology Group Ltd. (NASDAQ:MRVL) is sporting unusual put options volume today, with 15,000 already across the tape so far -- 13 times the expected amount. Specifically, the April 13 put is the most active, after Marvel last night issued a disappointing first-quarter forecast. MRVL was last seen down 2.5% at $18.56, set to close beneath its 30-day moving average for the first time since its Dec. 26 low.
Eventbrite Inc (NYSE:EB) is at the bottom of the New York Stock Exchange (NYSE), after the company issued a first-quarter forecast that was below estimates. No fewer than three analysts have since lowered their price targets on EB. Eventbrite stock is down 27.5% at $23.50, at last check, just off a record low of $22.36, and on pace to close back below the 50-day moving average.
Situated at the bottom of the Nasdaq today is T2 Biosystems Inc (NASDAQ:TTOO), the medical equipment stock suffering a post-earnings plunge after a soft first-quarter forecast and revenue miss. TTOO is 20% lower at $2.50, at last glance, fresh off a record low of $2.47. Over the past six months, T2 stock has shed 55%.