Benchmarks Extend Losses as Fed Meeting Kicks Off

Chairman Jerome Powell is expected to make an announcement tomorrow

Digital Content Manager
Dec 14, 2021 at 11:34 AM
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Stocks are extending their selloff on Tuesday, with the Dow Jones Industrial Average (DJI) giving back 164 points at midday, while the Nasdaq Composite (IXIC) and S&P 500 Index (SPX) are both sporting sizeable losses as well. A higher-than-expected producer price index (PPI) reading for November is pressuring the major indexes, as investors look ahead to an update from the Federal Reserve. The central bank's two-day meeting kicked off today, with remarks from Chairman Jerome Powell expected tomorrow. 

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

  • Analyst sees muted gains for Dell Technologies stock.
  • Retail stock blasted with double downgrade. 
  • Plus, options bulls target EWY; GRTX topples key trendline; and ADGI hits all-time low.

mmc stats dec 14

Ishares Msci South Korea ETF (NYSE:EWY) is seeing a surge in its normally quiet options pits today. So far, 12,000 calls have crossed the tape -- 26 times the intraday average --  compared to just 400 puts. The most popular by far is the January 2022 82 call. EWY was last seen down 0.6% at $77.58, and is down 9.9% for the year. 

One of the best stocks on the Nasdaq is Galera Therapeutics Inc (NASDAQ:GRTX). The equity was last seen up 116.1% at $2.98, after the company provided corrected results for its Phase 3 trial of its Avasopasem treatment of severe oral mucositis in cancer patients. GRTX is still down 70.7% for the year, though it toppled recent pressure at its 30-day moving average for the first time since its October bear gap. 

grtx dec 14

One of the worst stocks on the Nasdaq is Adagio Therapeutics Inc (NASDAQ:ADGI), which is down 78.6% at $7.33 at last check, on reports that its ADG20 treatment saw reduced in-vitro neutralizing activity against the Covid-19 omicron variant. The security is now trading at its lowest level since going public in early August. 

 

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