Major Indexes Mixed as Stimulus Talks Heat Up, Retail Sales Fall

The Federal Reserve is slated to release a statement later today

Assistant Editor
Dec 16, 2020 at 12:07 PM
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Stocks remain little changed this afternoon, as lawmakers continue to progress on talks regarding additional fiscal stimulus and less-than-stellar economic data rolled in. At midday, the Dow Jones Industrial Average (DJI) is down a paltry 23 points, after it was reported that Congress was close to a $900 billion deal that would include a fresh round of direct payments, and exclude a liability shield for businesses, as well as state and local aid. Meanwhile the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are hovering just above fair value, following a fall in retail sales. Elsewhere, the Federal Reserve is slated to release its latest monetary policy statement later today, and the long term outlook is expected to be sunny thanks to vaccine optimism. 

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

  • Moderna stock is slipping after a downgrade from Jefferies.
  • Why Twitter stock might be a safe bet in 2021.
  • Plus, bull note boosts Capri stock's options activity; one streaming service flying up the charts; and more on Penumbra's recall-related fall.

Midday Market Stats December 16

One stock seeing notable options activity today is Capri Holdings Ltd (NYSE:CPRI), after landing a bull note from UBS, who raised its price target on the equity to $50 from $26. The equity was last seen down 0.7% to trade at $40.06, and so far today, 19,000 calls and 9,254 puts have already exchanged hands -- 11 times the intraday average and volume pacing in the highest percentile of its annual range. Most popular by far is the February 45 call, followed by the 55 call from the same series, with new positions being opened at both. Quarter-to-date, CPRI has tacked on 122.4%.

Meanwhile, one stock standing near the top of the New York Stock Exchange (NYSE) today is Fubotv Inc (NYSE:FUBO), last seen up 8.6% at $28.75, back on its way toward two-year highs. Most likely triggering the surge is last night's initiation of coverage from Wedbush of "outperform." The equity has tacked on over 56% in the last month, guided higher by its 20-day moving average.

FUBO Chart December 16_2

At the other end of the NYSE, Penumbra Inc (NYSE:PEN) is down 8.4% to trade at $173.11, after the medical device maker recalled its blood-clot removing catheter. The equity is now trading at its lowest level since June, and has gapped below the 320-day moving average for the first time since April. Still, PEN is clinging to its 5% year-to-date gain.

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