Dow Eyes Triple-Digit Win as Nasdaq Pulls Back

The Fed's decision is giving bank stocks a boost

Lillian Currens

Digital Content Manager

Dec 16, 2021 at 12:09 PM

The Dow Jones Industrial Average (DJI) is extending this morning's gains, last seen up 143 points, just a day after the Federal Reserve's decision to dramatically taper off its bond buying program, with three interest rate hikes expected next year. The Nasdaq Composite (IXIC) and S&P 500 Index (SPX) have given back earlier gains, on the other hand, with the former now down triple digits, and the latter trading flat. Bank stocks are seeing a boost in response to the news, while Big Tech and the semiconductor sector are struggling. Elsewhere, investors are also digesting worse-than-expected jobless data.

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

Needham sees promise for this pet retailer.
Why options traders are blasting Lennar stock.
Plus, bears target sinking FUTU; ADGI attempts to rebound; and IRNT hits record low.

mmc dec 16

Futu Holdings Ltd (NASDAQ:FUTU) is seeing an uptick in bearish options volume today, with 24,000 puts across the tape so far, or double what is typically seen at this point. The December 36 put is by far the most popular, with positions being opened there. The equity is down 7.1% at $37.89 at last check, eyeing its sixth-straight daily drop, as FUTU heads back towards its Dec. 3 annual low of $35.49.

One of the best stocks on the Nasdaq today is Adagio Therapeutics Inc (NASDAQ:ADGI), which was last seen up 122.4% tot trade at $14.12. The security is attempting to recover from news that its experimental drug was not effective against the Covid-19 omicron variant. This update sparked a slew of price-target cuts, including one today from Jefferies to $46 from $60. ADGI touched a record low of $5.57 yesterday, and still carries a 75.3% three-month deficit.

adgi dec 16

One of the worst stocks on the New York Stock Exchange (NYSE) is Ironnet Inc (NYSE:IRNT). The equity was last seen down 27.7% at $4.92, following its disappointing third-quarter earnings report, which invited bear notes from Needham and Jefferies. The stock hit a record low of $4.90 earlier today, and down 51.6% year-to-date.

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