Market mixed with Nasdaq at record highs, Dow and S&P 500 down, some stocks soar.

From Schaeffer’s Investment Research: 2024-05-23 11:48:01

The Nasdaq hit record highs thanks to Nvidia’s post-earnings pop, while the Dow Jones and S&P 500 faced losses. New home sales dropped 4.7% in April, while PMI data and jobless claims showed a strong labor market. Live Nation stock fell on lawsuit rumors, GoodRx saw a string of bull notes, and PDD Holdings hit three-year highs after earnings. ELF Beauty stock soared, but CYTK dropped after a stock offering.

PDD Holdings Inc (NASDAQ:PDD) hit three-year highs after strong earnings results, with options traders buzzing around the stock. Analysts raised price targets and 149,000 calls and 63,000 puts were traded, with the 160-strike call and 110-strike put seeing the most activity. The stock was up 6.9% at $157.22, reaching a high of $160.00.

e.l.f. Beauty Inc (NYSE:ELF) stock surged after strong fiscal fourth-quarter results, despite disappointing guidance. ELF was up 18.1% at $183.82, marking its largest percentage gain since May 2023. Cytokinetics Inc (NASDAQ:CYTK) stock plummeted 17.8% after offering 9.8 million shares at a discount, leading to price target cuts by seven analysts. The stock is down 41.5% this year and on the SSR list today.



Read more at Schaeffer’s Investment Research: Stocks Mixed Amid Flood of Economic Data