Stocks Reverse Gains as Inflation Fears Weigh

The latest consumer sentiment reading failed to wow economists

Assistant Editor
Jul 16, 2021 at 12:16 PM
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Stocks reversed earlier gains brought on by strong retail sales data and mixed earnings reports, as worse-than-expected inflation findings weighed on Wall Street. The U.S. consumer sentiment index reading came in at 80.8 for the first half of July, which is down nearly five points from last month and dashed away economists' hopes that upbeat sentiment would increase. The Dow Jones Industrial Average (DJI) was last seen down 129 points, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) were more modestly in the red. For the week, all three indexes are headed for losses.

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

  • This reopening play is soaring on a Goldman Sachs bull note.
  • Moderna stock hits a fresh high after latest announcement. 
  • Plus, put traders blast GOTU; HyreCar stock set to snap losing streak; and one biotech trading at an all-time low.

Midday Market Stats July 16

One stock seeing a surge in put activity today is Gaotu Techedu Inc (NASDAQ:GOTU), last seen down 8.8% to trade at $11.05, hitting its lowest level since April 2019. Though the catalyst for today's uptick in bearish bets is unclear, 9,007 puts have already crossed the tape -- double the intraday average. Most popular are the expiring July 10 and 20 puts. Gaotu Techedu stock is down 79% year-to-date.

GOTU Chart July 16

Near the top of the Nasdaq today is HyreCar Inc (NASDAQ:HYRE), last seen up 7.3% to trade at $17.15, though it's unclear what the reason for today's surge is. HyreCar stock hit an all-time high of $24.21 on June 23, following the appointment of a new CFO. Now up 150% year-to-date, HYRE is on pace to snap a four-day losing streak.

Meanwhile, near the bottom of the Nasdaq is FibroGen Inc (NASDAQ:FGEN)down 43.5% to trade at $14.04 this afternoon. This comes after AstraZeneca (AZN) disclosed the U.S. Food and Drug Administration (FDA) advisory committee voted against supporting approval of roxadust, which FibroGen developed with AstraZeneca, to treat anemia in chronic kidney disease (CKD). Today's dip dragged FGEN to its lowest level since the company went public in 2014, and the security is now down 68.4% year-over-year.

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