The Dow sports a triple-digit deficit at midday
Stocks are lower this afternoon, with a midday rebound attempt losing steam as the major benchmarks move back towards this morning's steep premarket losses. The Dow Jones Industrial Average (DJI) was last seen down more than 350 points, as investors digest an 11% year-over-year rise in wholesale prices for April. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also sitting in the red at the halfway mark, despite a Big Tech rebound that earlier had Amazon.com (AMZN) and Netflix (NFLX) both up over 4%.
Continue reading for more on today's market, including:
- Sonos stock brushes off post-earnings bear notes.
- Upbeat quarterly results sent this retail stock surging.
- Plus, options traders eye RIVN after earnings; which meme stock is making a comeback; and Wall Street newbie takes a nosedive.
Rivian Automotive Inc (NASDAQ:RIVN) is seeing an unusual amount of options activity today. In fact, 100,000 calls and 139,000 puts have already crossed the tape, which is eight times the volume that is typically seen at this point. Most popular are the 5/13 20-strike put and 17-strike put, with new positions being opened at the former. The security is up 20.9% at $24.93 at last check, after the company reported slightly smaller-than-expected first-quarter losses, and doubled down on its annual production forecast of 25,000 units, despite supply chain issues. Rivian Automotive stock is today brushing off four price-target cuts, too, with one coming from Wells Fargo to $24 from $40. The security is today bouncing off yesterday's record low of $19.25, and is down 74.8% in 2022.
One of the top performers on the New York Stock Exchange (NYSE) today is GameStop Corp.(NYSE:GME), last seen up 15.5% to trade at $93.94. The proverbial meme stock has already been halted for volatility multiple times, after surging as much as 30% for no immediately apparent reason. Should today's gains hold, the security could snap a five-day losing streak, and log its biggest single-day percentage jump since March. The 10-day moving average is still capping the shares, though, which carry a 30.8% year-to-date deficit.
At the bottom of the Nasdaq, meanwhile, is Tenon Medical Inc (NASDAQ:TNON). The equity is down 33.2% to trade at $24.30, though there was no clear catalyst for this bear gap. Shares have been tumbling since hitting a May 10, all-time high of $59.89, roughly two weeks after the company went public with an initial public offering (IPO) price of $5 per share. Week-to-date, TNON is down 38.4%.