Stocks are a mixed bag to start the week. The Nasdaq Composite Index (IXIC) and S&P 500 Index (SPX) are comfortably in the red, the latter heading for a fourth-straight loss. Tech stocks are weighing on Wall Street, selling off as the 10-year Treasury yield approaches the critical 5% mark. The Dow Jones Industrial Average (DJI) however, is pushing higher, last seen holding a triple-digit gain.Today’s choppiness comes at the onset of another earnings season. Kicking things off are a host of banking names, withCitigroup (C), Goldman Sachs (GS), and JPMorgan Chase (JPM), all slated to report later this week.
Quantum computing stocks are falling across the board, after Mark Zuckerberg reiterated comments from Nvidia (NVDA) CEO Jensen Huang, who said it will be at least a decade before quantum is a “useful paradigm.” At last check, Rigetti Computing Inc (Nasdaq: RGTI) is 23.5% lower at $6.83, while over 80,000 puts have changed hands, volume that’s double the average intraday amount. Most popular by far is the May 10 call, with new positions being bought to open at the next six most active contracts — all in the January series. Rigetti Computing stock is back below its 20-day moving average after shedding more than 64.5% in the last week alone.Intra-Cellular Therapies Inc (Nasdaq: ITCI) is the best performer on the Nasdaq so far today, last seen up 34.3% to trade at $127.44, after Johnson & Johnson (JNJ) announced the acquisition of the neurological treatment company for $132 per share. ITCI earlier hit an all-time high of $128, and it’s now up 91.6% over the last 12 months.Shares of Abercrombie & Fitch Co (NYSE: ANF) are 16.4% lower at $135.27 at last glance. While the retailer raised its outlook for the fourth quarter on strong holiday sales expectations, the figure is still lower than the same period one year ago — suggesting growth may be slowing. Abercrombie stock is now back below its 60-day moving average, and has shed 20.6% over the last six months.More By This Author:Dow Sheds 696 Points As Interest Rate Cut Hopes Dwindle Wall Street Eyes Another Weekly Loss As Rate-Cut Hopes Fall3 Stocks That Could Drive AI Data Center Demand