Stocks Mixed Amid Flood of Economic Data

Nvidia tailwinds are boosting the Nasdaq to a triple-digit gain

Deputy Editor
May 23, 2024 at 11:48 AM
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The Nasdaq is up triple digits midday, trading at fresh record highs thanks to Nvidia's (NVDA) post-earnings pop. The Dow Jones Industrial Average (DJI), on the other hand, is down 274 points, while the S&P 500 Index (SPX) sits just above breakeven after hitting an all-time high earlier today. 

Meanwhile, new home sales declined 4.7% in April from March, totaling 634,000 for the month. Both the services and manufacturing purchasing managers' indexes (PMI) came in higher than expected in May, while jobless claims dropped more than expected, suggesting a strong labor market. 

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

  • Lawsuit rumors cut into Live Nation stock. 
  • String of bull notes continue for GoodRx stock
  • Plus, Temu parent's stock hits three-year highs; ELF soars after earnings; and CYTK crumbles after pricing of stock offering. 

MMC May23

PDD Holdings Inc (NASDAQ:PDD) is one of the top stocks amongst options traders today, as the shares hit three-year highs following the Temu owner's blowout earnings results. No fewer than six analysts lifted their price targets as well. So far, 149,000 calls and 63,000 puts have crossed the tape, which is already 2.4 times PDD's average daily options volume. The weekly 5/24 160-strike call is the most active contract, followed by the January 2025 110-strike put, with new positions opening at the latter. At last glance, the equity was up 6.9% at $157.22, earlier hitting a peak of $160.00. 

PDD May23

The shares of multi-brand beauty company e.l.f. Beauty Inc (NYSE:ELF) are soaring today, following upbeat fiscal fourth-quarter results, despite disappointing current-quarter guidance and two price-target cuts. At last glance, ELF was up 18.1% at $183.82, and headed for its largest single-day percentage gain since May 2023. Since the start of the year, the equity is up over 27%. 

Meanwhile, biotech stock Cytokinetics Inc (NASDAQ:CYTK) is down 17.8% at $48.68 at last look, after the company offered 9.8 million shares of common stock at $51 per share -- a hefty discount to last session's close. No fewer than seven analysts slashed their price targets in response. Down 41.5% year to date, CYTK is on the short sell restricted (SSR) list today amid the large price move. 

 

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