S&P 500, Nasdaq Pivot Higher Amid Renewed Retail Sector Strength

Wall Street is eyeing the release of the FOMC meeting minutes

Digital Content Manager
May 25, 2022 at 11:54 AM
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The Dow Jones Industrial Average (DJI) is 15 points lower at midday, adding to this morning's pre-market losses as traders eye the release of the Federal Open Market Committee (FOMC) minutes this afternoon. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC), meanwhile, sport sizable midday gains, amid renewed strength in the retail sector following upbeat earnings reports from Nordstrom (JWN) and Dick’s Sporting Goods (DKS).

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

  • Analysts chime in on Dell stock ahead of earnings.
  • More on this luxury retail stock's beat-and-raise.
  • Plus, put traders eye cruise stock; unpacking Carvana stock's surge; and ASGN sinks on downgrade.

MMC Stats 0525

Carnival Corp (NYSE:CCL) is seeing an unusual amount of bearish options activity today. So far, 274,000 puts have exchanged hands, which is 12 times what is typically seen at this point, as opposed to the 23,000 calls traded. The September 7.50 put is the most popular, where positions are currently being opened. The security was up 1.8% to trade at $11.97 at last check, though there was no available reason for the upbeat price action. Shares have struggled with resistance at the 10-day moving average since April, and yesterday fell to a two-year low of $11.56. Year-over-year, CCL still carries a 57.7% deficit.

CCL 10 Day

Among the top performers on the New York Stock Exchange (NYSE) today is Carvana Co (NYSE:CVNA), last seen up 15.5% at $30.77. Today's surge came after former U.S. Vice President Dan Quayle, who currently serves as director of the used-car retailer, filed a form with the Securities and Exchange Commission (SEC) to disclose his purchase of 18,750 shares at an average price of $39.14 each. The equity is struggling in 2022, already culminating in yesterday's roughly two-year low of $25.69 and year-to-date deficit of 86.7%, as a ceiling forms at the $40 level.

Near the bottom of the NYSE today is ASGN Inc (NYSE:ASGN), last seen down 6.5% at $93.98. The stock received a downgrade from Credit Suisse to "underperform" from "neutral" earlier, as well as a price-target cut to $90 from $110, with the brokerage firm noting an "uncertain environment" for the company. Shares earlier hit their lowest since July, though the $93 area looks like it may be able to contain today's losses. ASGN has already shed 23.5% in 2022.

 

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