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Stocks Trade Mostly Lower as Recent Rebound Stalls

Jerry Kronenberg joined discussion · Aug 13, 2024 02:24

Stocks traded mostly lower Monday afternoon as an attempt during the morning to extend last week's rebound from the market's Aug. 2-5 pullback stalled.

The $Dow Jones Industrial Average (.DJI.US)$ led the way lower, trading down 198.99 points (0.5%) shortly before 2:15 p.m. ET. The $S&P 500 Index (.SPX.US)$ likewise shed 4.42 ticks (0.1%) to 5,339.74, but the $Nasdaq Composite Index (.IXIC.US)$ bucked the downtrend and rose 32.06 points (0.2%) to 16,777.36.

The S&P 500 had earlier traded higher on the day as markets tried to continue a bounce-back they saw late last week after stocks sank for two sessions following the Aug. 2 release of disappointing U.S. jobs data.

The weak report sent the market's main indexes falling some 5% over two sessions as Wall Street feared a possible U.S. recession. However, stocks then rebounded later last week and recouped much of their losses.

Shares making significant moves as of shortly after 2 p.m. ET Monday included:

-- $B. Riley Financial (RILY.US)$, down 51% on word the firm is suspending its dividend and has received subpoenas from regulators.

-- $JetBlue Airways (JBLU.US)$ , which shed 21.2% on news that it plans to sell $400 million of convertible senior notes due in 2029.

-- $Hawaiian Electric Industries (HE.US)$, which fell 14.8% after reporting earnings after the bell Friday that said the utility doesn't yet have financing in place to pay a $1.7 billion settlement over its involvement with the massive 2023 Maui fire.

-- $Pitney Bowes (PBI.US)$, which traded 11% higher as a rally sparked by well-received quarterly earnings Thursday evening extended into a second session.

-- $Blend Labs (BLND.US)$, which rose 10.6% on continued gains from a quarterly revenue beat reported last Thursday after the bell.

-- $KeyCorp (KEY.US)$, up 8.9% on word that Bank of Nova Scotia is buying a 14.9% stake in the firm for about $2.8 billion in cash.

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