The S&P 500 and Nasdaq are narrowly avoiding another loss
Stocks are a volatile bunch this morning. The Dow Jones Industrial Average (DJI) was off triple digits earlier, but is now only marginally lower. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) were lower as well and now sit modestly in the black midday. A fifth-straight loss is at stake for all three major indexes, while the 10-year Treasury yield sits near Friday's peak, which was the highest since 2007. Elsewhere, the Cboe Volatility Index (VIX) is eyeing its sixth win in seven sessions.
Continue reading for more on today's market, including:
- Amazon.comenters the AI race.
- Nike stock stalled as analyst steps to sidelines.
- Plus, bulls eye solar stock; private equity love for WSM; and AA's C-suite shakeup.
Sunrun Inc (NASDAQ:RUN) is a favorite of options bulls today, with 24,000 calls exchanging hands so far, volume that's three times the average intraday amount and pacing for the 99th percentile of its annual range. Most of the action is happening at the weekly 9/29 14-strike call, with new positions being bought to open. The solar stock is down 0.9% at $12.77 at last check, and earlier hit a three-year bottom of $12.68.
Williams-Sonoma, Inc. (NYSE:WSM) stock is propping up the New York Stock Exchange (NYSE) today, last seen up 9.1% at $152.79. The retail stock is higher after Green Equity Investors IX, which is managed by Leonard Green & Partners, reportedly disclosed new stake. WSM earlier hit a one-year high of $153.11, and is now up 32% in 2023.
Alcoa Corp (NYSE:AA) stock is on the other end of the spectrum, last seen 5.1% lower at $26.90. The aluminum stock dipped after announcing chief operating officer William Oplinger will step up as CEO to succeed Roy Harvey. AA is 41% lower in 2023, with its 30-day moving average keeping a lid on breakouts for the last few months.
