Markets Mixed as Dow Heads for 3rd-Straight Weekly Loss

Banking giants are kicking off another earnings season

Deputy Editor
Apr 14, 2022 at 12:04 PM
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Stocks are mixed at midday, as Wall Street pores over a deluge of bank earnings. The Dow Jones Industrial Average (DJI) is pacing for a daily win on Thursday, though it's heading for its third-consecutive weekly loss. Meanwhile, the Nasdaq Composite (IXIC) and the S&P 500 Index (SPX) are trading in the red, as both indexes head for their second-straight week of losses. On the other hand, Wall Street's "fear gauge," the Cboe Market Volatility Index (VIX), is pacing for its second-straight winning week, though it's headed lower during today's session.

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

  • Morgan Stanley stock moves higher after earnings.
  • Why options traders are targeting Rite Aid stock today.
  • Plus, more Musk-related Twitter drama; TNP boosted by quarterly results; and Snowflake stock continues to fall.

Midday Market Stats April 14_2022

Twitter Inc (NYSE:TWTR) is seeing a flurry of activity in its options pits today. In fact, options volume is running at six times its intraday average, with more than 378,000 calls and 221,000 puts exchanged so far. The April 50 call is the most popular, followed by the April 45 put, with new positions being opened at each contract. Twitter stock was last seen down 0.2% to trade at $45.78, after a group of shareholders moved to sue Tesla (TSLA) founder Elon Musk for allegedly mishandling the disclosure of a recent stake he took in the company. Musk also recently made a $43 billion offer to buy the social media company, in the hopes to transform it into a "platform for free speech."  With pressure near the $40 mark weighing on the stock for much of the year, an early April bull gap propelled TWTR above $45 per share, and the equity now boasts an 6.4% year-to-date lead.

TWTR Chart April 14

One of the best performing stocks on the New York Stock Exchange (NYSE) so far today is Tsakos Energy Navigation Ltd. (NYSE:TNP). TNP was last seen up 6.8% to trade at $12.18, following a smaller-than-expected fiscal fourth-quarter loss of $1.11 per share, as well as revenue that beat estimates. The company also announced a dividend of $0.10 per common share. Tsakos Energy Navigation stock rose to a near two-year high of $12.60 earlier today, and now stands 73.3% higher in 2022.

Snowflake Inc (NYSE:SNOW), meanwhile, is one of the NYSE's worst performers this afternoon. SNOW was last seen down 6.6% at $200.23, though it's unclear what's driving today's negative price action. A recent floor at the $200 level is helping to keep the losses in check. Year-to-date, Snowflake stock is down 40.3%.


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