The tech sector is enjoying tailwinds
While the Nasdaq Composite Index (IXIC) managed to emerge from this morning's slump, the Dow Jones Industrial Average (DJI) remains in the red, and the S&P 500 Index (SPX) is flat. Cooler-than-expected job openings sent Treasury yields lower this morning, aiding the tech sector as investors assessed the staying power of Wall Street's recent rally.
Continue reading for more on today's market, including:
- Nokia stock sinking on AT&T partnership miss.
- Dow member shares upbeat revenue forecast.
- Plus, HOOD set to conquer resistance; behind CULP's surge; and Designer Brands slashes annual guidance.
Robinhood Markets Inc(NASDAQ:HOOD) is garnering attention in the options pits today, with 145,000 calls and 16,000 puts exchanged so far, which is seven times the volume typically seen at this point. Most popular is the weekly 12/8 10-strike call, with positions being opened there. To boot, HOOD is up 7.8% at $10.28 at last check, after reporting a surge in crypto trading for November. If these gains gold, the security could today conquer its 100-day moving average for the first time since September.
Culp, Inc. (NYSE:CULP) is breaking above penny stock territory today, and leading the New York Stock Exchange (NYSE). Last seen up 13.7% at $15.64, the stock is enjoying tailwinds from a better-than-expected fiscal second-quarter report. Shares are trading at their highest level since October, and up 20.7% in 2023.
Designer Brands Inc (NYSE:DBI) is pacing the laggards on the NYSE, however, down 31.8% to trade at $8.74 at last glance. The footwear retailer lowered full-year sales and profit forecasts after missing third-quarter expectations amid lower demand. DBI fell to its lowest level since June earlier, and carries a 30% quarter-to-date deficit.