Wall Street Skids as Investors Await Debt Ceiling Decision

Investors continue to monitor debt ceiling talks in Washington

Deputy Editor
May 31, 2023 at 11:46 AM
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Wall Street is adding to premarket losses, as investors continue to monitor the debt ceiling negotiations. The latest U.S. job opening and labor turnover survey (JOLTS) reading showed job opening increased more than expected in March, but the Chicago purchasing managers' index (PMI) for May was much lower than economists' forecasts.

At last glance, the Dow Jones Industrial Average (DJI) sports a triple-digit midday deficit, while the Nasdaq Composite Index (IXIC) and S&P 500 Index (SPX) are poised to snap a three-day win streak.

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

  • Why this auto parts stock is sinking today.
  • Student loan buzz boosts fintech stock.
  • Plus, Affirm's new partnership; a LL buyout offer; and Capri in the red. 

Midday Market Stats May 312023

Call traders are blasting Affirm Holdings Inc (NASDAQ:AFRM) stock, after news broke that the company is teaming up with Worldpay From FIS to expand pay-over-time solutions. At last check, 38,000 bullish bets have changed hands, volume that's triple the average intraday amount. New positions are being opened at the four most popular contracts, led by the June 14.50 put. Last seen up 0.6% at $14.84, AFRM is up 53.6% year-to-date, but remains it's well below its Feb. 2, 2023 peak of $22.75.

AFRM Chart May 302023

LL Flooring Holdings Inc (NYSE:LL) is trading at the top of the New York Stock Exchange (NYSE), after the company received a non-binding buyout offer from Cabinets To Go for $5.76 per share in cash. Shares were last seen up 23% at $5.09, though they still sport a 7.8% year-to-date deficit. 

Capri Holdings Ltd (NYSE:CPRI) was last seen down 8.4% at $36.25, despite beating fiscal fourth-quarter top- and bottom-line expectations. Today trading near the bottom of the NYSE, the luxury retail stock is now down more than 36% in 2023.


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