The Dow is on track to snap a six-day win streak
Stocks are firmly lower midday, with the Nasdaq Composite Index (IXIC) down 150 points as investors continue to rotate away from tech. Should these losses hold, the Dow Jones Industrial Average (DJI) will snap a six-day win streak. The leading index for the U.S. economy fell 0.2% in June for a fourth-straight monthly loss -- though the index's accuracy has been shaky since the pandemic -- while jobless claims dropped to a nearly one-year low.
Continue reading for more on today's market, including:
- Morgan Stanley names Gap a "top pick."
- Analyst sees massive upside for elf Beauty stock.
- Plus, Beyond Meat's balance sheet woes, and two earnings reports to unpack.
Options traders are targeting Beyond Meat Inc (NASDAQ:BYND) today, with 14,000 calls and 13,000 puts traded so far today -- double the average daily options volume. The August 5 put is the most popular, followed by the July 6 put. At last glance, BYND was down 9.8% at $6.47, after people familiar with the matter told The Wall Street Journal that the company is in talks with a group of bondholders to restructure its balance sheet. Year over year, the alternative meat stock is down 60.8%.
DR Horton Inc (NYSE:DHI) stock is the best performing SPX stock so far today, last seen up 10.7% at $174.35 following the homebuilder's better-than-expected earnings and revenue for the second quarter. Over the last nine months, DHI is now up nearly 69%.
Domino's Pizza Inc (NYSE:DPZ) stock is down 8.8% at $431.04, the worse performing equity on the SPX after earnings. The pizza chain's second-quarter results were mixed, with earnings topping expectations, while revenue was in line and comparable store sales grew less than anticipated. DPZ is paring earlier losses after opening at its lowest level since Jan.12, but is still on track for its worst single-session percentage drop in more than two years. The equity is hanging onto a slim 0.6% year-to-date lead.