The Dow is looking to snap a five-week losing streak
Stocks are mixed this afternoon, as traders digest the Federal Reserve's latest interest rate hike, updates on Russia's bond payment, as well as rising Covid-19 infections in Europe. Despite being off more than 120 points at midday, the Dow Jones Industrial Average (DJI) is looking to snap a five-week losing streak. Elsewhere, the S&P 500 Index (SPX) is flat, while the Nasdaq Composite (IXIC) is higher, with both pacing for their best five-day stretches since November 2020 and hope to end two-week droughts.
Continue reading for more on today's market, including:
- Analyst hits Wingstop stock with double downgrade.
- Why Jefferies loves this fashion rental company.
- Plus, Delta Air Lines considers big jet purchase; Chinese tech stock stages comeback; and SQSP pulls back again.
Delta Air Lines, Inc. (NYSE:DAL), last seen up 0.9% at $37.51, is seeing a surge in bullish options activity today. So far, 59,000 calls have been exchanged, which is double the intraday amount, and more than double the 20,000 puts traded. The April 40 calls is most popular by far, with new positions being opened there. Delta Air Lines is engaged in talks to purchase up to 100 737 MAX 10 jets from Boeing (BA), which could mark the company's first major order with the jet manufacturer in 10 years. The airline concern also upped its revenue forecast, leading shares to rebound after trading below $30 last week for the first time since November 2020. Year-to-date, DAL is still down 4.1%.
One of the best performing stocks on the New York Stock Exchange (NYSE) today is DiDi Global Inc (NYSE:DIDI), which was last seen up 50% to trade at $3.84. This pop comes after this week's financial stability meeting that aimed to create cooperation with U.S.-listed Chinese stocks. A meeting between U.S. President Joe Biden and Chinese President Xi Jinping is to address the Russia-Ukraine crisis is also taking place today. DIDI is rebounding from a March 11, all-time low of $1.71, and is still down 22.1% in 2022.
Meanwhile, Squarespace Inc (NYSE:SQSP) is one of the worst performing stocks on the NYSE. The security was last seen down 9.9% to trade at $26.59, though the reason for this dip was not immediately clear. Squarespace stock had been on the mend after a pullback to a March 7, record low of $18.57, but remains down 10.5% year-to-date.