Stocks are slowly giving away their post-election week gains
Stocks continue to give back their post-election gains, slipping today on the heels of Target's (TGT) dismal quarterly report. The Dow Jones Industrial Average (DJI) is down triple digits at last check and is heading for a fifth-straight loss. Both the Nasdaq Composite (IXIC) and S&P 500 Index (SPX) are carrying midday losses as well, as the tech sector slumps ahead of Nvidia's (NVDA) quarterly results due out after the close. Meanwhile, the Cboe Volatility Index (VIX) is on track for its fourth gain in the last five sessions, and is trading above 18 for the first time since Election Day.
Continue reading for more on today's market, including:
Williams-Sonoma, Inc. (NYSE:WSM) is among the top three most heavily traded stocks in the options pits today, with 8,219 calls and 5,385 puts exchanged so far, which is nine times the intraday average volume. Most popular by far is the December 200 call, where new positions are being opened. WSM was last seen up 27% to trade at $174.25, following the retailer's better-than-expected results for the third quarter. The company also raised its full-year outlook and announced a $1 billion share buyback program. WSM is on track for a record close, a third-straight gain, and its best day since 2008, all while now also sporting a 93.2% year-over-year lead.
Warner Bros Discovery Inc (NASDAQ:WBD) stock is among the SPX's outperformers today, up 4.4% at $9.92 at last check. The company yesterday announced it extended a partnership with the National Basketball Association (NBA) for 11 years, guaranteeing broadcast rights. WBD is trading at its highest level since February and is once more testing the $10 region, which rejected last week's rally. Despite the 22% month-to-date gain, the shares still carries a 12.2% year-to-date deficit.
The worst stock on the SPX today is
Target Corp (NYSE:TGT), down
22.1% to trade at a fresh 52-week low of $121.59. The retailer reported its worst earnings miss in two years for the
third quarter,
as well as worse-than-expected revenue. The company also trimmed its full-year profit guidance. TGT is currently pacing for its worst single-day day loss ever and now sports a 14.3% deficit for 2024.