All three major benchmarks are eyeing daily and weekly losses
Another tumultuous week of trading on Wall Street looks like it could end with a whimper. The Dow Jones Industrial Average (DJI) is down around 206 points this afternoon, eyeing its third-straight day in the red, and eighth-consecutive weekly loss. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also pacing for a third-straight day of losses, with both lower at midday, and looking to extend their losing streaks for the seventh-consecutive week. This sharp pivot lower comes after all three major benchmarks eyed a pop this morning. Meanwhile, the Cboe Volatility Index (VIX) looks like it may snap a two-week losing streak.
Continue reading for more on today's market, including:
- Boeing stock fails to take off on test flight buzz.
- Which retail stock scored a double upgrade today.
- Plus, why options bears are blasting ROST; unpacking 1 cybersecurity stock's surge; and retail headwinds weigh on Burlington Stores stock.
Ross Stores, Inc.(NASDAQ:ROST) is seeing an unusual influx of bearish options activity today. So far, 63,000 puts and 14,000 calls have crossed the tape, which is a whopping 21 times the volume that is normally seen at this point. Most popular is the May 70 put, followed by the weekly 5/27 70-strike put, with positions being opened at both. The equity is also sinking today, last seen down 21.6% to trade at $72.69 at last check, after the retailer reported first-quarter earnings and revenue misses, and lowered its full-year forecast amid low consumer spending. The results attracted a downgrade from Telsey to "market perform" from "outperform," and nine price-target cuts, including one from Jefferies to $80 from $105. The shares earlier hit a roughly two-year low of $69.75, and carry a 36.1% year-to-date deficit, as they pace for a third-straight daily loss.
Towards the top of the Nasdaq is Palo Alto Networks Inc (NASDAQ:PANW), last seen up 9.3% at $477.09. The cybersecurity concern posted better-than-expected fiscal third-quarter earnings of $1.79 per share on $1.39 billion in revenue yesterday, and raised its fiscal fourth-quarter revenue guidance. Analysts are having mixed reactions to the results, with three firms raising their price targets, while three cut them. The security is today bouncing off its lowest level since August, and just reclaimed support from its 320-day moving average following two consecutive closes below the trendline, which previously hadn't been breeched on a closing basis since November 2020. Year-over-year, PANW is up 39.9%.
Another struggling retailer today is Burlington Stores Inc (NYSE:BURL), which now sits towards the bottom of the New York Stock Exchange (NYSE). The equity is down 13.7% at $152.85 at last check, as ROST's dismal earnings results weigh on the retail sector as a whole. In fact, shares earlier hit a roughly two-year low of $145.80, after their most recent rally failed near the $190 level. Plus, BURL is today eyeing its worst single-day percentage drop since March 2020, while carrying a 47.8% year-to-date deficit.