Dow, S&P 500 Look to Snap Win Streaks Amid Growth Fears

U.S. President Joe Biden will give a speech on Afghanistan later today

Deputy Editor
Aug 16, 2021 at 12:07 PM
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The major benchmarks are lower at midday, with the Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) both looking to snap their four-day win streaks, while the Nasdaq Composite (IXIC) sinks deeper into the red. Worse-than-expected sales and manufacturing data out of China have investors worried about slowing economic  growth across the globe, and has led to a dip in oil prices. Elsewhere, U.S. President Joe Biden will give a speech on Afghanistan later this afternoon, as the Taliban takes over Kabul.  

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

  • Semiconductor name attracts UBS upgrade.
  • Analysts chime in on Honest stock amid record lows
  • Plus, PSFE sees options surge; TVTX jumps on trial results; and EPIX extends losing streak.

MMC Chart 0816

Gapping lower on the New York Stock Exchange (NYSE) today is Paysafe Ltd (NYSE:PSFE), which isalso seeing a surge in options activity. So far, 39,000 calls and 12,000 puts have crossed the tape, or seven times the intraday average. Most popular is the August 9 call, followed by the 10 call in the same series. The security, which has only been publicly traded since October, was down 13.7% to trade at $8.81 at last check, and earlier fell to an all-time low of $8.70. This negative price action came after the company said it will acquire SafetyPay for $441 million. Paysafe also reported a second-quarter revenue beat, and earned a price-target hike from Evercore ISI to $18. Year-to-date, however, PSFE remains down 42.1%.

One of the top performers on the Nasdaq today is Travere Therapeutics Inc (NASDAQ:TVTX). The equity was last seen up 20.1% to trade at $18.55, after the company's kidney disorder treatment showed promise in a late-stage study. In response, TVTX gapped to its highest level since early May, though the 150-day moving average appears to be keeping a lid on gains. Year-to-date, the stock is still down roughly 34%.

TVTX chart

Meanwhile, Essa Pharma Inc (NASDAQ:EPIX) is plummeting, last seen down 31% to trade at $8.22, despite the company posting narrower-than-expected fiscal third-quarter losses. Today's steep drop has EPIX heading for its tenth-straight loss, and trading at its lowest level since December. Longer term, the equity remains up 20.2% year-over-year. 

 

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