Dow Holds Ground Despite Hottest Inflation Reading in Decades

All three major indexes are eyeing weekly wins

Digital Content Manager
Dec 10, 2021 at 12:29 PM
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As expected, the Labor Department's consumer price index (CPI) just marked its biggest year-over-year rise since 1982, climbing 6.8%, which is slightly higher than the 6.7% Wall Street anticipated. The CPI added 0.8% for the month, while the core CPI -- which excludes food and energy -- saw a 0.5% monthly pop, and a 4.9% jump for the year, coming in line with expectations. 

Despite this red-hot inflation reading, the major indexes are mostly higher at midday, with the Dow Jones Industrial Average (DJI) clinging to a 31-point gain, while the S&P 500 (SPX) sat in positive territory as well. The Nasdaq Composite (IXIC) has also turned positive, and all three major indexes are eyeing weekly wins. 

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

midday stats dec 10

General Mills, Inc. (NYSE:GIS) is seeing an uptick in options activity today, with call volume running at 15 times the intraday average. So far, 10,000 calls have crossed the tape, compared to just 230 puts. The most popular position by far is the January 2022 67.50-strike call, where it appears 10,000 contracts have been sold in a single trade. General Mills was last seen up 1% at $64.60, and sports a 9.7% lead for the year. 

American Virtual Cloud Technologies Inc (NASDAQ:AVCT) is one of the best performers on the Nasdaq today, last seen up 59.8% at $3.01. The stock is extending yesterday's 82.5% gain, which was sparked by the company's projection that its Kandy business unit will increase its revenue to roughly $37 million in 2022. The security is still down 59.9% for the year, but toppled pressure at its 60-day moving average for the first time since early July. 

avct dec 10

One of the worst stocks on the Nasdaq, meanwhile, is Everbridge Inc (NASDAQ:EVBG). The equity was last seen down 45.5% at $62.92, after CEO David Meredith unexpectedly resigned, sparking downgrades from at least five firms, including from J.P. Morgan Securities to "neutral" from "overweight." In addition, the equity got at least three price-target cuts. EVBG is down 52.6% year-over-year, and earlier fell to a three-year low of $57.58. 

 

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