A struggling tech sector has the Nasdaq eyeing its third-straight loss
Stocks are getting dinged once more, with the Dow and Nasdaq nursing triple-digit deficits midday. The latter is heading for a third-straight drop, weighed down by outsized moves lower from the likes of Nvidia (NVDA) and Tesla (TSLA). While oil prices are cooling off -- last seen 0.4% lower at $86.37 per barrel -- bond yields remain elevated and the Cboe Volatility Index (VIX) heads toward its third-straight win.
Continue reading for more on today's market, including:
- Analyst steps to the Block stock sidelines.
- AI tailwinds boost GitLab stock.
- Plus, calls pop on C3.ai stock; HOG higher on share buyback; and AMC nears record lows.
Options traders are loading up on C3.ai Inc (NYSE:AI) today, ahead of the artificial intelligence company's earnings report, due out after the close today. While AI was last seen 1% lower to trade at $31.12, but over 42,000 calls have changed hands already today, volume that's double the average intraday amount. The weekly 9/8 32.50-strike call is most popular, with new positions being opened. The equity is up 176% in 2023.
Harley-Davidson Inc (NYSE:HOG) stock is 3.3% higher to trade at $34.85, one of the better stocks on the New York Stock Exchange (NYSE) today. The motorcycle retailer authorized the repurchase of an additional $10 million of the company's common stock. Harley-Davidson stock remains 16.2% lower in 2023, with today's rally falling short of its 30-day moving average.
At the same time, AMC Entertainment Holdings Inc (NYSE:AMC) stock is 20% lower to trade at $10.88, after the theater chain announced it will offer 40 million shares of class A common stock, to be sold at an "at-the-market" offering. The former meme stock is fresh off a record low of $10.01 and is down 72% in 2023.