The Dow and Nasdaq are down over 300 points each
A worse-than-expected August jobs report has Wall Street on track for a losing week. The Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) are both eyeing their worst weekly performances since March 2023, and the Nasdaq Composite (IXIC) is now pacing for its worst week since April. The Dow and Nasdaq are also down more than 300 points each, even after New York Federal Reserve President John Williams endorsed interest rate cuts for later this month.
Continue reading for more on today's market, including:
- This insurance stock looks ready to break out.
- Another aggressive bear note for this tech stock.
- Plus, Smartsheet stock's post-earnings pop; PHM enjoying tailwinds; and WFC's bear note.
Smartsheet Inc (NYSE:SMAR) stock is up 5.3% at $51.97 at last check, and seeing seven times the intraday average options volume. The software name's second-quarter earnings and revenue beat Wall Street's expectations, with Reuters reporting Vista and Blackstone are engaging in talks to buy the company. So far, 2,616 calls and 694 puts have crossed the tape, with most activity taking place at the September 55 call. Now trading at a fresh two-year high, SMAR also sports a 29.4% year-over-year lead.
Shares of
U.S. homebuilders are getting a boost after today’s jobs report missed expectations and pressured yield lower.
PulteGroup, Inc. (NYSE:PHM) stock is one of the best stocks on the SPX, last seen 1.9% higher to trade at $130.61. PHM is adding to its 26.8% year-to-date lead as it hovers just beneath its Aug. 26 all-time high of $136.47.
Wells Fargo & Co (NYSE:WFC) stock is underperforming on the SPX today, last seen down 4.3% at $54.41 after Evercore ISI cut its target price to $65 from $67. According to Reuters, the analyst highlighted "tepid loan growth, renewed regulatory unease, and net interest income's sensitivity to rate cuts."
WFC is up 10.8% so far this year.