Stocks have started 2024 off on a sluggish note so far
It's been an inauspicious start to the 2024 trading year, with all three major indexes in the red midday. The Nasdaq Composite (IXIC) is firmly lower, as bond yields tick higher and tech titan Apple (AAPL) struggles aftera downgrade. The S&P 500 Index (SPX) and Dow Jones Industrial Average (DJI) are also sporting midday losses, though the latter traded in the black earlier. Elsewhere, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), is eyeing its highest close since Dec. 21.
Continue reading for more on today's market, including:
- Drug store stock needs another post-earnings pop.
- Call traders unfazed by struggling airline stock.
- Plus, retail stock puts pop; Moderna stock tests trendline; and a premier chip stock cools.
Gap Inc (NYSE:GPS) is seeing an influx of put activity today. At last check, 7,820 puts have changed hands, volume that is double the average intraday amount. The January 20 put is most popular, with positions being bought to open. GPS was last seen down 0.8% to trade at $20.78 at last check, with recent consolidation around $20 clearly of interest to options bears.
Drug stock Moderna Inc (NASDAQ:MRNA) is pacing the SPX today, last seen up 13.6% at $112.94. The vaccine maker's CEO Stéphane Bancel noted in a shareholder letter sales are expected to increase in 2025. In turn, Oppenheimer upgraded MRNA to "outperform" from "perform." Moderna stock is now trading at its highest level since September, and is testing its 200-day moving average.
Chip stock Advanced Micro Devices, Inc. (NASDAQ:AMD) is on the other end of the spectrum, down 5.2% to trade at $139.71. Despite a price-target hike to $170 from $145 at Stifel, the semiconductor stalwart is facing broad market headwinds stemming from tech sector profit taking. AMD hit a record high of $151.05 on Friday and is 115% higher in the last 12 months.