Dow Sheds Triple Digits as Investors Await Fed Statement

The Nasdaq is struggling for direction this afternoon

Digital Content Manager
May 2, 2022 at 12:07 PM
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Stocks are mostly lower this afternoon, despite Wall Street's attempts to brush off a dismal April, which was capped by last week's major selloff. The Dow Jones Industrial Average (DJI) is around 100 points lower at midday, while the S&P 500 Index (SPX) is also in the red. Meanwhile, the Nasdaq Composite (IXIC) is struggling for direction, though it was last seen trading slightly above breakeven. Now, investors are eyeing the Federal Open Market Committee's (FOMC) monetary policy statement, due out on Wednesday, as well as the last of a so far strong earnings season.

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

  • Why Wedbush knocked AMZN off its Best Ideas List.
  • Moderna eyes FDA vaccine review for young children.
  • Plus, NOV puts pop despite bull note; Hilltop stock topples long-term resistance; and why Spirit Airlines stock is sinking.

MMC Stats 0502*We apologize for the chart error under the NYSE column and are working to address this issue.

Oil and gas drilling name Nov Inc (NYSE:NOV) is seeing an unusual amount of options activity today. So far, 3,286 calls and 9,063 puts have already crossed the tape, which is 10 times the volume that is typically seen at this point. Among the most popular contracts are the May 15 and 18 puts. The equity was last seen up 3.1%, though, after scoring a price-target hike from Cowen and Company to $25 from $23. The bull note rolled in after last week's better-than-expected first-quarter earnings report. The shares have tested support at their 80-day moving average in the last week, though year-to-date NOV stock remains up 37.4%.

One of the best performing stocks on the New York Stock Exchange (NYSE) today is Hilltop Holdings Inc. (NYSE:HTH). The equity was last seen up 18.4% at $30.19, after the financial holding company initiated a Dutch auction tender offer to repurchase up to $400 million of its common stock. The equity is now eyeing its best single-day percentage gain since April, while pacing for its highest close since March, and breaking through long-term overhead pressure at its 40-day moving average. HTH is down 13.8% in 2022, however.

 HTH 40 Day

Towards the bottom of the NYSE is Spirit Airlines Incorporated (NYSE:SAVE), last seen down 9.4% at $21.40. Today's drop came after the airline noted JetBlue's (JBLU) offer to acquire it for $33 per share, while providing a $200 million reverse break-up fee in case the transaction is not completed due to antitrust reasons, was not "superior." In addition, Spirit Airlines' reiterated its support of a merger with Frontier Group (ULCC). The shares earlier fell to their lowest level since early April, and now carry a 40.4% year-over-year deficit.


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