Dow Dips Deeper at Midday as Investors Eye Fed Meeting

Bitcoin is back above $40,000 following Elon Musk's comments

Digital Content Manager
Jun 14, 2021 at 12:23 PM
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The Dow Jones Industrial Average (DJI) is extending this morning's losses at midday, last seen down 196 points as investors prepare for the results of a key Federal Reserve meeting later this week. Meanwhile, the S&P 500 Index (SPX) is sitting just below breakeven, after it notched a record closing high during Friday's session. The tech-heavy Nasdaq Composite (IXIC) is firmly in the black, however, while Big Tech gets a boost from retreating bond yields. Bitcoin (BTC) is above $40,000 once again, following comments from Tesla's (TSLA) Elon Musk that the company would resume bitcoin transactions pending miner's reasonable clean energy usage.

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

  • What analysts expect for Wall Street freshman, OTLY
  • A major update from Novavax's Covid-19 vaccine candidate. 
  • Plus, CRSR tops meme stock list; pharma firm posts potential HIV breakthrough; and Washington Prime Group files for bankruptcy.

MMC Stats 0614

Computer hardware name Corsair Gaming Inc (NASDAQ:CRSR) is seeing an unusual amount of options activity today. The equity became the most mentioned on social media platform Stockwits, with about 95% of messages showing optimism. So far, 91,000 calls and 24,000 calls have crossed the tape, or 36 times the intraday average. Most popular is the June 50 call, followed by the 40 call in the same series. This means options traders expect more upside for CRSR by the end of the week, when contracts expire. The equity is up 13.3% at $36.65 at last check, but earlier surged to the $42 mark to trade at its highest level since February, following several months of sideways trading. Today's pop has also helped shares overcome long-term resistance at the 80-day moving average, and boosted the security to a 16.3% month-to-date lead.

CRSR 80 Day

At the top of the Nasdaq today is Enochian Biosciences Inc (NASDAQ:ENOB), last seen up 123.7% at $9.87. The impressive bull gap came after the drug developer said the U.S. Federal Drug Administration (FDA) accepted its pre-investigational new drug (IND) request to treat HIV, after viral control was achieved in a 54-year old patient who had failed to suppress the virus with antiviral therapy. The security earlier reached a fresh annual high of $12.99, after a year of rejection at the $4.50 mark. Year-to-date, ENOB is up 231.5%.

Meanwhile, towards the bottom of the New York Stock Exchange (NYSE) is Washington Prime Group Inc (NYSE: WPG)The mall owner is down 38% at $3 this afternoon. The firm just filed for chapter 11 bankruptcy protection on Sunday, after months of coronavirus-related temporary shutdowns in some of its shopping centers, leaving retailers unable to pay rent. The equity is now just shy of its March 5, all-time low of $1.69, and has lost newfound support at the 10-day moving average after surging to the $7 level just a week prior. Longer term, Washington Priem Group stock carries a hefty 69.8% year-over-year deficit.

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