Stocks Eye Another Daily Drop as Seasonality Weighs

The Nasdaq and S&P 500 are both eyeing weekly losses, too

Digital Content Manager
Sep 17, 2021 at 12:11 PM
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Stocks are extending this week's trough, with all three major indexes firmly in the red at midday. The Dow Jones Industrial Average (DJI) is 191 point lower, though the jury is still out on whether or not the index will log its third-straight weekly loss. Meanwhile, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are both set to fall for the week, too. September volatility is weighing on markets again, though there's been some positive price action for reopening stocks today. 

Investors are also looking ahead to next week's Federal Reserve two-day meeting, which begins on Wednesday. Many on Wall Street will be looking for clues as to when exactly the central bank will begin to slow its bond buying program, keeping recent inflation spikes in mind. 

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

  • Why this video game giant attracted a downgrade.
  • Eli Lilly's big Covid-19 antibody treatment update.
  • Plus, Corvus' cancer drug goes to China; PTGX sinks on FDA hold; and what options players expect for WOOF.  

midday stats sept 17

One of the best performers on the Nasdaq this afternoon is Corvus Pharmaceuticals Inc (NASDAQ:CRVS), amid news that an early-stage trial for its cancer drug will begin in China before the end of 2021. The equity was last seen up 66.4% at $3.76, toppling pressure at its 160-day moving average for the first time since February, Over the last quarter, CRVS had added 43.4%.

crvs sept 17

Protagonist Therapeutics Inc (NASDAQ:PTGX) is one of the worst performing stocks on the Nasdaq. The security was last seen down 65.6% at $15.87, following news that the U.S. Food and Drug Administration (FDA) has put a clinical hold on its rusfertide clinical development program, after benign and malignant tumors were found in mice used in a study. In response, PTGX breached its 80-day moving average, which has provided support since early February. Year to-date, the stock is now down 20.4%.

Jefferies just named Petco Health and Wellness Company Inc (NASDAQ:WOOF) as one of its top consumer sector picks. Meanwhile, WOOF is seeing a surge in call trading today. So far, 12,000 calls have crossed the tape, or four times the intraday average, as opposed to just 312 puts. The most popular position by far is the September 22.50 call, meaning traders are expecting that level to act as a ceiling by the time these contracts expire later today. WOOF was last seen down 1.5% at $22.37, and is off 3.9% in the last six months, though it has a solid leg of support at the 20-day moving average. 

 

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