Dow Set to Snap Losing Streak Despite Inflation Update

The consumer price index for April remains near 40-year highs

Deputy Editor
May 11, 2022 at 12:05 PM
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Wall Street is eyeing respite from its recent selloff, with the major benchmarks mostly higher this afternoon despite another red-hot inflation report. The Dow Jones Industrial Average (DJI) boasts a 200-point midday lead, set to snap its four-day losing streak even after April's consumer price index (CPI) hovered near 40-year highs. The S&P 500 Index (SPX) is also gaining some traction, while the Nasdaq Composite (IXIC) is sitting out on the rally. Meanwhile, Bitcoin (BTC) is struggling to stay above the $30,000 mark after dropping below this level for the second time this week earlier today. The cryptocurrency was last seen down 1.2% at $30,976.30.

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

  • Why Stifel downgraded Carvana stock today.
  • Breaking down H&R Block's beat-and-raise.
  • Plus, 3 of the most noteworthy post-earnings responses.

Midday Market Stats May 11

Yeti Holdings Inc(NYSE:YETIis seeing an unusual amount of options activity today. Already, 2,8867 calls and 5,763 puts have been exchanged, or six times the intraday average. Most popular are the 5/13 42- and 40-strike puts, while new positions are being opened at the May 35 put. The security is on fire today, last seen up 7.1% at $47.09, after reporting earnings and revenue for the first quarter that beat Wall Street's expectations. Yeti stock is now rebounding from two-year lows, and remains off 43.7% in 2022. Longer term, YETI is down 47% in the last 12 months.

Near the top of the New York Stock Exchange (NYSE) today is Roblox Corp (NYSE:RBLX), last seen up 20.7% to trade at $28, despite last night reporting first-quarter losses and revenue that were worse than Wall Street anticipated. Roblox stock is now rebounding for yesterday's all-time low of $21.65, though it remains down 74% year-to-date.

Meanwhile, Unity Software Inc (NYSE:U) is towards the bottom of the NYSE, after reporting its own quarterly results. The company's top- and bottom-line results were mostly in line with analysts' expectations, but a dreary second-quarter and full-year forecast is weighing on the shares today. The equity is down 31.5% to trade at $32.95 at last check, at yet another all-time low. In the last six months, Unity Software stock has shed 81%.

U Chart May 11

 

 

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