Jerome Powell's latest remarks continue to weigh on investors' minds
Stocks are mixed this afternoon, as investors continue to grapple with Federal Reserve Chair Jerome Powell's latest remarks. In addition, Wall Street is digesting this morning's ADP employment report. The Dow Jones Industrial Average (DJI) sports an 81-point deficit, while the S&P 500 Index (SPX) is just above breakeven, and the Nasdaq Composite Index (IXIC) sits solidly in the black.
Continue reading for more on today's market, including:
- Warren Buffett is building his stake in this oil stock.
- Retail stock scores a much-needed bull note.
- Plus, Etsy stock puts pop; and two earnings reports to unpack.
Etsy Inc (NASDAQ:ETSY) is 3.3% lower to trade at $112.02 this afternoon, and seeing high options volume. So far, 20,000 puts and 10,000 calls have been traded, which is four times the intraday average amount. Most popular by far is the weekly 3/10 100-strike put, followed by the 110-strike put in the same series, with new positions opening at both. It's not clear what's driving today's price action, but Etsy stock is trading back below its 180-day moving average, and now 7.5% lower in 2023.
Arlo Technologies Inc (NYSE:ARLO) is trading at the top of the New York Stock Exchange (NYSE), after the company's fourth-quarter earnings and revenue beat Wall street's expectations. The shares were last seen up 38% to trade at $4.90, and earlier hit their highest level since November. Year-to-date, Arlo Technologies stock is up 40.7%.
United Natural Foods Inc (NYSE:UNFI) is trading at the very bottom of the NYSE, after shedding 27% to trade at $29.96. This comes after the company's fiscal second-quarter earnings missed expectations, and its 2023 earnings forecast fell short of estimates. Over the last nine months, UNFI is down 30%.