Strong jobs data resulted in more Fed fatigue today
While still early, it's been a September to forget for Wall Street so far. The Dow Jones Industrial Average (DJI) is clinging to marginal gains midday, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are once more deep in the red. A struggling tech sector -- especially tech titan Apple (AAPL) -- is weighing heavily on the latter, which is pacing for a fourth-straight loss. Fed fatigue exacerbated by strong jobs data has made investors wary to start a historically sluggish month, as the Cboe Volatility Index (VIX) looks to extend its win streak.
Continue reading for more on today's market, including:
- C3.ai stock takes post-earnings dive.
- McDonald's stock is keeping Dow afloat today.
- Plus, PENN calls pop; and 2 growth stocks making moves after earnings.
PENN Entertainment Inc (NASDAQ:PENN) is seeing a surge in options activity, with 29,000 calls exchanging hands already today, volume that's double the average intraday amount. The December 25 strike call is getting most of the attention, with new positions being bought to open. PENN is 0.4% higher to trade at $22.35 at last check, but earlier traded at a new three-year low of $21.76. Year-to-date, the casino stock is off 24.7%.
UiPath Inc (NYSE:PATH) stock is up 10.7% to trade at $17.96, one of the best stocks on the New York Stock Exchange (NYSE) today. The automation software company reported a second-quarter earnings beat to go with a sunnier-than-expected full-year forecast. No fewer than 10 brokerages have hiked their price target in response, the highest coming from Macquarie to $23. PATH is now up 40.5% in 2023.
On the other side of the spectrum is ChargePoint Holdings Inc (NYSE:CHPT) stock, last seen 13.2% lower at $6.13, and earlier hitting a record low of $4.97. The electric vehicle docking station company missed second-quarter estimates and announced a 10% workforce reduction. In response, four brokerages have trimmed their price targets, the lowest coming from Needham to $9 from $13. CHPT is now down 35.6% year-to-date, and has seen its 30-day moving average serve as stiff resistance since late July.
