Stocks Bouncing Back as Commodities Cool Off

Oil prices have shed around 4.9% so far today

Deputy Editor
Mar 9, 2022 at 12:00 PM
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Stocks are poised to snap a four day losing streak today as commodity prices cool off. April-dated crude futures were last seen down 4.9% today at $117.63 per barrel, at least temporarily easing the concern of the impact rising gas prices could have on consumer spending.

As a result, the Dow Jones Industrial Average (DJI) is up more than 650 points midday -- pacing for its second-best single-day leap of 2022 -- while the S&P 500 Index (SPX) and the Nasdaq Composite (IXIC) are also firmly in the black. Elsewhere, the Cboe Market Volatility Index (VIX) is pacing for its worst day since Feb. 25 but remains above the psychologically-significant 30 level.

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

  • PepsiCo is the latest to suspend sales in Russia.
  • Breaking down the criminal probe into Amazon.com.
  • Plus, EVgo stock puts pop; SI rises amid potential crypto crackdown; and an energy stock takes a breather.

Midday Market Stats March 9

EVgo Inc (NASDAQ:EVGO) is seeing an unusual amount of bearish attention today, despite last seen trading 3.2% higher at $12.12. So far today, EVGO's options pits have seen 8,594 puts traded, volume that's 14 times what is typically seen at this point and more than double the amount of calls across the tape. The most popular by far is the May 13 put, where new positions are being opened. EVgo stock is steadily working higher on the charts, now trading at new annual highs, and boasts a 20.8% lead in 2022.

EVGO Chart March 9

Silvergate Capital Corp (NYSE:SI) is one of the best performing stocks on the New York Stock Exchange (NYSE) today. The equity was last seen up 20.4% at $128.45, rising on the heels of a possible crackdown from the U.S. Treasury on Bitcoin (BTC) and BTC-adjacent stocks. Today's positive price actions has SI trading back above its year-over-year breakeven level.

At the bottom of the NYSE is Nine Energy Services Inc (NYSE:NINE), last seen down 20.3% at $4.51. The equity yesterday jumped to multi-year highs following an upbeat fourth-quarter earnings report, rising all the way to the $8 level at its session high before closing below $5.75. NINE still boasts a 325% year-to-date lead.

 

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