Dow Eyes Best Day Since July Before Fed Update

The Federal Reserve's two-day meeting will conclude this afternoon

Digital Content Manager
Sep 22, 2021 at 12:14 PM
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The Dow Jones Industrial Average (DJI) is making an impressive comeback at midday, as investors eye the conclusion of this week's Federal Reserve meeting. The blue-chip index was last seen up 379 points, vying for its biggest daily jump since July 20. Meanwhile, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also sporting sizable gains.

Wall Street is gearing up for updates from Federal Reserve Chairman Jerome Powell this afternoon regarding the potential tapering of the central bank's $120 billion emergency bond-buying program, though many think the uncertainty surrounding the economy may keep markets volatile. Reassuring news from China Evergrande Group boosted commodity-linked equities, though, after the real estate name promised timely interest payments on a mainland-traded bond.

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

  • Why one analyst isn't sweating the Disney pullback
  • Behind this hotel giant's million-dollar equity offering. 
  • Plus, Google deal sends MRIN soaring; analysts blast INNV after earnings miss; and options traders target MNTS.  

midday stats sept 22

One of the best performing stocks on the Nasdaq today is Marin Software Inc (NASDAQ:MRIN). The security was last seen up 56.9% at $8.93, following last night's announcement that it will enter into a revenue share agreement with Alphabet-owned (GOOGL) Google. The aim of the agreement is to develop the company's enterprise tech platform, and will be effective on Oct. 1. MRIN is eyeing its highest close in two months, and toppled recent pressure at the 40-day moving average as a result. 

MRIN chart sept 22

InnovAge Holding Corp (NASDAQ:INNV) is one of the worst performing stocks on the Nasdaq, last seen down 23.4% at $8.95, after its fiscal fourth-quarter earnings report fell short of Wall Street's estimates by 1 cent, sparking three price-target cuts from analysts. The equity hit a record low of $8.50 earlier, and is down 57.8% for the quarter, guided lower by its 20-day moving average.

Options players are targeting Momentus Inc (NASDAQ:MNTS) at an accelerated clip today. So far, 36,000 calls and 1,237 puts have exchanged hands, which is 10 times the intraday average. The October 12.50 call is the most popular, followed by the 15 call in the same monthly series, with new positions being opened at both. MNTS is up 3.5% at $12.25 this afternoon, though a reason for the positive price action was not immediately apparent. Longer term, the security sports a roughly 21% year-over-year lead.

 

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