Schaeffer's Top Stock Picks for '25

Nasdaq Swings Back to Losses, Eyes 3rd-Straight Drop

Tomorrow's labor report is in focus

Deputy Editor
Sep 5, 2024 at 11:52 AM
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The tech sector is proving to be a thorn in Wall Street's side, with the Nasdaq Composite (IXIC) swinging to a midday loss despite breaking into positive territory earlier. The tech-heavy index is on track for a third-straight daily loss as investors eye tomorrow's labor report and unpack private payrolls data. Meanwhile, the Dow Jones Industrial Average (DJI) is off 334 points at last look, while the S&P 500 Index (SPX) sports a more modest midday loss. 

Continue reading for more on today's market, including:

  • Topgolf Callaway announces spinoff.
  • Tech stock brushes off quarterly win.
  • Plus, Dollar Tree's post-earnings downgrade; Tesla's latest rollout; and McKesson's big sale.

Midday Market Stats 2 September 52024

Dollar Tree Inc (NASDAQ:DLTR) stock is up 3.1% at $65.50 at last check, and seeing triple the intraday average options volume, despite J.P. Morgan Securities' downgrade to "neutral" from "overweight" following the discount retailer's weaker-than-expected results for the second quarter. The company also cut its full-year outlook, prompting a flurry of price-target cuts. So far, 24,000 calls and 22,000 puts have crossed the tape, with the most activity taking place at the weekly 9/6 600-strike put. DLTR has shed more than 24% in 2024.

Tesla Inc (NASDAQ:TSLA) is one of the best stocks on the SPX so far today, last seen up 3.9% at $228.03 and on track for its fourth gain in five sessions. This comes after the electric vehicle (EV) giant revealed it will roll out its Full Self-Driving (FSD) advanced driver assistance software in China and Europe in the first quarter of 2025. So far this quarter, added 15.2%.
 
 

TSLA Chart September 52024

McKesson Corp (NYSE:MCK) stock is the worst SPX performer at last glance, trading 9% lower at $519.85. Today's tumble follows the pharmaceuticals and healthcare name's sale of its Rexall and Well.ca businesses to Birch Hill Equity Partners, though the size of the sale was not disclosed. MCK is still up 12.4 % in 2024.

 
 

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