Dow Paces for 4th-Straight Weekly Loss as Earnings Disappoint

The 10-year Treasury yield moved back toward three-year highs

Deputy Editor
Apr 22, 2022 at 12:09 PM
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Stocks are taking a dive to close out what was shaping up to be a relatively upbeat week, after Federal Reserve Chairman Jerome Powell's economic policy update sent the 10-year Treasury yield back toward three-year highs earlier today, and several big names reported disappointing earnings. While the Treasury yield has since cooled, the Dow Jones Industrial Average (DJI) was last seen down more than 520 points, and pacing for its fourth-straight weekly loss. Meanwhile, the Nasdaq Composite (IXIC) and S&P 500 Index (SPX) are swimming in red ink as well, and heading for their third-straight weekly dips. The Cboe Market Volatility Index (VIX), on the other hand, is pacing for its third weekly win in a row.

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

  • Why analysts blasted Snap stock with bear notes.
  • Mining stock approaching annual highs after earnings. 
  • Plus, put traders target AEO; ESTA an analyst favorite; and ISRG hit with bear notes.

Midday Market Stats April 22_2022

Put traders are targeting American Eagle Outfitters Inc (NYSE:AEO) as the retail sector takes a hit after Gap (GPS) forecast a weak sales outlook. At last check, 8,340 puts have been exchanged, which is 11 times the intraday average. The weekly 4/22 17-strike put is the most active, followed distantly by the 15.50-strike put from the same series. New positions are being bought to open at both contracts. The stock was last seen down 7.4% at $15.76. The shares have been chopping lower for the better part of the year, with overhead pressure rejecting several rally attempts in late 2021 and early 2022. 

AEO Chart April 22

Establishment Labs Holdings Inc (NASDAQ:ESTA) is near the top of the Nasdaq this afternoon, last seen up 13.1% to trade at $89.66, after BTIG and Cowen and Company hiked their price targets to $110 and $125, respectively. Establishment Labs stock earlier hit an all-time high of $93.80, and is pacing for its biggest weekly win since February 2021. Year-to-date, ESTA stands 37.2% higher. 

One of the worst Nasdaq components today is Intuitive Surgical, Inc. (NASDAQ:ISRG). At last check, ISRG is down 12.4% to trade at $258.18, after no less than five brokerage firms lowered their price objectives, warning of tightening hospital finances. The company yesterday reported better-than-expected first-quarter results, though the shares failed to find momentum even then, and the stock now sits 27.8% lower in 2022.



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