Alphabet's AI model launch is boosting the tech-heavy benchmark
Stocks are mostly higher this afternoon, as Wall Street continues to sift through the latest jobless data ahead of tomorrow's highly anticipated jobs report, which will likely inform the Federal Reserve's next steps.
At last glance, the Nasdaq Composite (IXIC) is up triple digits following Alphabet's (GOOGL) launch of its Gemini artificial intelligence (AI) model. Meanwhile, the Dow Jones Industrial Average (DJI) is flat, and the S&P 500 Index (SPX) sits comfortably higher, as the latter eyes its first gain in four sessions.
Continue reading for more on today's market, including:
- Advanced Micro Devices launches new AI chip.
- Analyst says video game stock is in "holding pattern."
- Plus, Chewy slashes sales target; behind ENVA's surge; and Sprinklr stock eyes worst day on record.
Chewy Inc (NYSE:CHWY) stock is down 3.6% at $18.65 at last check, after the pet goods e-tailer cut its annual sales target, as consumers seek cheaper alternatives due to inflation. Options traders are already responding to the update, with 59,000 calls and 46,000 puts exchanged so far -- seven times the average intraday volume. The most active contract is the weekly 12/8 16-strike put. CHWY is running into overhead pressure from its 20-day moving average after yesterday's rejection at the $20 level, while carrying a 49.8% year-to-date deficit.
Enova International Inc (NYSE:ENVA) is among the best stocks on the New York Stock Exchange (NYSE) today, last seen up 7.4% to trade at $47.09. The company today announced the closing of $400 million of senior unsecured notes due in 2028. ENVA is trading at its best level since October, and sports a 21.8% year-to-date lead.
Conversely, Sprinklr Inc (NYSE:CXM) stock is at the bottom of the NYSE, trading 30.2% lower at $11.67 at last check. Today's bear gap follows a dismal fiscal 2025 outlook, which cast a shadow on the company's better-than-expected third-quarter results. In response, four analysts slashed their price targets, and BTIG issued a downgrade to "neutral." CXM as is on track for its worst day on record, but still boasts a 42.2% lead for 2023.