Dow Rebounds, On Track for 6 Straight

Oil touched an eight-week low this morning

Deputy Editor
May 8, 2024 at 12:11 PM
facebook X logo linkedin


The Dow Jones Industrial Average (DJI) reversed its morning's losses, up 61 points midday and looking to extend its longest win streak of 2024 to six days. The S&P 500 (SPX) and Nasdaq Composite (IXIC) have rebounded a bit as well, though both are still sitting in the red.

Investors are eyeing wholesale inventories, which fell 0.4% in March, in line with estimates, and are down 2.3% year over year. Meanwhile, U.S. oil prices hit an eight-week low today before turning higher. 

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

  • Reddit beat expectations in first-ever earnings report
  • Shopify stock headed for worst day ever. 
  • Plus, options bears blast MTCH; INOD soars on upbeat guidance; and TRIP plummets after ruling out a merger. 

MMC May8

Match Group Inc (NASDAQ:MTCH) is on fire amongst put traders today, as the stock drops following its disappointing second-quarter forecast. So far, 62,000 puts have been exchanged, 16 times the intraday average put volume, compared to 16,000 calls. The weekly 6/14 26-strike put is the most popular, where new positions are being opened. At last glance, MTCH was down 5.9% at $29.66, earlier hitting a six-year low of $27.65. 

MTCH May8

The shares of Innodata Inc (NASDAQ:INOD) are up 37.4% at $9.26 at last glance, after the software development company announced record first-quarter results and raised its full-year revenue forecast, expecting a 40% growth in organic revenue. Breaking above pressure at the $7 level, INOD is trading at its highest levels since February. Since the start of the year, the equity is up 14.1%. 

On the other hand, Tripadvisor Inc (NASDAQ:TRIP) is down 29.3% at $18.01, earlier as low as $15.88, after a special committee ruled out a possible merger for now, saying it would be best for shareholders. Gapping to its lowest levels since November, TRIP now sports a 16% year-to-date deficit. 

 

Unlock Weekend Profits with Chris Prybal's Favorite Strategy Up +487.5% in 2024

With the markets going left, right, and sideways, you need to have a plan now more than ever. 

Expert Trader Chris Prybal is no stranger to volatility, and has mastered finding big stock rallies while other traders aren't looking over the weekend. Rallies that produced gains like +207% on RTX calls, +236% on MARA calls, and +238% on NET calls.

A few simple moves on Sunday at 7pm could be the “Secret Sauce” your portfolio needs to not just stay afloat, but make unprecedented gains in this turbulent market.


Don’t sit on the sidelines, beat the market with Chris Prybal's strategy. Join him now!

 

 
 
 


 
 

Rainmaker Ads CGI