The Dow is down triple digits
The Dow Jones Industrial Average (DJI) is down triple digits this afternoon, as traders unpack this morning's jobs data. U.S. job openings rose to 7.74 million in October, topping expectations of 7.5 million and pointing to a stronger labor market.
The S&P 500 Index (SPX) is modestly lower as well, while the Nasdaq Composite (IXIC) holds on to a slim gain after earlier inching to a fresh record high. Elsewhere, U.S.-listed South Korean stocks are falling, after President Yoon Suk Yeol declared emergency martial law, which has since been overturned by the region's National Assembly.
Continue reading for more on today's market, including:
- Behind AT&T stock's 3-year highs.
- Analyst praises underperforming CVS Health stock.
- Plus, put traders target PCG; biotech stock soars; and U.S. Steel stock crumbles.
Options bears are targeting PG&E Corp (NYSE:PCG) today, as the stock rebounds from yesterday's 5% drop. PCG today announced the pricing of a $2.4 billion stock offering, and was last seen up 2.7% at $21.10. So far, 24,000 puts have been exchanged -- 18 times the put volume typically seen at this point and over 4 times the amount of calls traded. The January 2025 20-strike put is the most popular contract by far, with new positions being sold to open here.
Janux Therapeutics Inc (NASDAQ:JANX) is one of the top performers on the Nasdaq today, up 58.6% at $63.73 at last glance, after the biotech's prostate cancer drug trial results exceeded expectations and had a "well-tolerated safety profile." Headed for its best day since February, the stock earlier hit a record high of $71.25.
Shares of United States Steel Corp (NYSE:X) are down 8.9% at $37.29 at last look, after President-elect Donald Trump echoed his position against Nippon Steel's takeover of the company, saying he will block it. On the short sell restricted (SSR) list amid the volatility, X is down roughly 23% in 2024.
