Dow, S&P 500 Eye Daily Wins, Weekly Losses

The VIX is set to snap a four-week losing streak

Deputy Editor
Apr 8, 2022 at 12:01 PM
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Stocks are mostly higher this afternoon, though the major indexes are all on track to log weekly losses. The Dow Jones Industrial Average (DJI) is up more than 240 points at last check, brushing off the U.S. Federal Reserve's monetary policy plans, while the S&P 500 Index (SPX) sits in the black as well. Meanwhile, the Nasdaq Composite (IXIC) is swimming in red ink, as higher interest rates threaten tech's future growth. Elsewhere, Wall Street's "fear gauge," the Cboe Market Volatility Index (VIX), is on track to snap a four-week losing streak, though it's pacing for a daily loss.

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

  • Why inflation could be a good thing for Kroger stock.
  • Goldman Sachs swears off this online trading stock.
  • Plus, HD calls turn red-hot; bull note boosts System1 stock; and real estate stock sinks on abandoned sale plans.

Midday Market Stats April 8_2022

Home Depot Inc (NYSE:HD) is seeing an unusual amount of bullish activity in its options pits. At last check, over 43,000 calls have been exchanged, which is triple the intraday average. The 4/8 310-strike call is the most popular contract, followed closely by the 305-strike call from the same weekly series, and new positions are being bought to open at both. It's unclear what the catalyst for today's interest is, however, the blue-chip retailer is historically one of the best stocks to own in the month of April. Home Depot stock was last seen up 2.3% to trade at $309.77. An early-February bear gap sent the shares below $340, which has acted as a ceiling since, and HD is down 1.6% in the last 12 months.

HD Chart April 8

System1 Inc (NYSE:SST) stock is one of the best performers on the New York Stock Exchange (NYSE) today. The equity was last seen up 6.2% to trade at $28.45, extending a recent rally sparked by its upbeat full-year forecast, announced earlier this week. SST is pacing for its biggest weekly jump on record with an 83% lead, as well as its highest close ever. The stock now sports a 214% year-to-date lead.

The worst performing stock on the NYSE so far today is LXP Industrial Trust (NYSE:LXP), which was last seen down 14.9% at $13. This drop came after the real estate investment company scrapped plans to evaluate alternatives for its operation, including a possible sale or merger. The equity was trading at more than 13-year highs in mid March, but now sits at its lowest level since October. So far in 2022, LXP is off by 15.6%. 

 

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