S&P 500, Nasdaq Pacing for 2nd-Straight Weekly Win

The 10-year Treasury yield hit to a two-year high earlier

Deputy Editor
Mar 25, 2022 at 12:19 PM
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Stocks are lower this afternoon, with the Dow Jones Industrial Average (DJI) sitting slightly below breakeven at midday as it paces for a weekly loss. Meanwhile, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are sitting firmly in the red, though both indexes are heading for a second-straight weekly win. Weighing on Wall Street today is the 10-year Treasury yield's surge to two-year highs. Elsewhere, the Cboe Volatility Index (VIX) is heading for its third consecutive week of losses.

In other news, the European Union (EU) struck a major gas deal with the U.S. today, hoping to ease its dependence on Russian energy, as West Texas Intermediate (WTI) crude prices hover around $110 per barrel. 

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

  • Teva Pharmaceutical stock is attracting analyst praise.
  • Why BofA hit this cybersecurity stock with a downgrade.
  • Plus, options traders rush TLRY; what's boosting GameStop stock; and breaking down Enfusion's earnings miss.

Midday Market Stats March 25

One stock seeing an unusual amount of options activity is Tilray Inc (NASDAQ:TLRY). So far today, 414,000 calls and 99,000 puts have been traded, or 19 times the intraday average. The 3/25 8-strike call is the most popular, where new positions are now being opened. Tilray stock was last seen up 9.3% trade at $7.62, rising alongside others in the cannabis sector after news that the U.S. House of Representatives will next week consider a decriminalization bill. Today's impressive bull gap has helped TLRY surge above the $8 level, which has been keeping a tight lid on the stock since December. Heading for an impressive 35.2% pop this week, the equity now stands 6.4% higher year-to-date.

TLRY Chart March 25

GameStop Corp. (NYSE:GME) is the one of the best performing stocks on the New York Stock Exchange (NYSE) today. The security was last seen up 6.5%  at $151.41, after chairman Ryan Cohen -- who has a 9.8% stake in Bed Bath & Beyond (BBBY) -- reached and agreement with the retailer to appoint three new directors to its board. GameStop stock earlier hit its highest level since January, after bouncing off the $80 mark. Year-over-year, GME still carries a 17.8% deficit.

At the other end of the NYSE is Enfusion Inc (NYSE:ENFN), last seen pacing towards the bottom of the index. The equity is down 22.1% to trade at $11.85 at last check, after the company reported fourth-quarter profits of 2 cents per share, missing Wall Street's estimates of 4 cents per share. ENFN is now pacing for its lowest close ever, and is down 43.5% in 2022.

 

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