Stocks Extend Losses Ahead of Key Inflation Report

A worse-than-expected rise in initial jobless claims is weighing on stocks

Digital Content Manager
Jun 9, 2022 at 12:01 PM
facebook twitter linkedin


Stocks are extending their premarket losses, with the Dow Jones Industrial Average (DJI) down 165 points at last check, while both the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also firmly below  breakeven. All eyes are on the consumer price index (CPI) for May, due out tomorrow. A Bloomberg report showed economists expect the CPI to be unchanged at 8.3%, though some predict a slight uptick to 8.4%.

In other news, a worse-than-expected rise in initial jobless claims is pressuring the markets. Meanwhile, oil is taking a breather, with U.S. West Texas Intermediate (WTI) crude prices last seen down 0.1% at $121.06 per barrel. 

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

  • Analysts are eyeing this retail stock after earnings. 
  • Dismal forecast casts long shadow over Five Below stock. 
  • Plus, Moderna stock takes a breather; AUVI pops on government contract; and FRGE breaches key trendline.

midday sttats jun 9

Options bears are targeting Moderna Inc (NASDAQ:MRNA) at a quicker-than-usual clip. So far, 17,000 puts have exchanged hands, which is double the intraday average, compared to 16,000 calls. The most popular is the July 140 call, followed by the weekly 6/10 140-strike put. MRNA was last seen down 7.2% at $137.81. The security enjoyed upside yesterday, after an upbeat Covid-19 vaccine update. This rally was stopped short by the 60-day moving average, however. Year-to-date, MRNA is down 45.8%.

One of the best stocks on the Nasdaq today is Applied UV Inc (NASDAQ:AUVI). The equity is up 63.6% to trade at $2.90 at last glance, after announcing that its international distributor M/S Novatek Pakistan earned a contract to be the single provider of Airocide purification systems in government hospitals. AUVI has added 95.1% in the last three months, and is trading at its highest level since January. What's more, the equity is eyeing its first close above the 180-day moving average since late July.

Forge Global Holdings Inc (NYSE:FRGE), on the other hand, is one of the worst performers on the New York Stock Exchange (NYSE). The equity was last seen down 29.4% at $10.14, on news that the company is set to redeem all of its outstanding public warrants, as well as forward purchase warrants used to buy shares of its common stock on July 11. FRGE is still up 6.7% year-to-date, though today's drop has it sitting back below the 160-day moving average for the first time in nearly three months. 

frge jun 9

 

If you are not making money with options, you aren’t buying options like this…

There is no options strategy that more perfectly approaches trading the fastest moving and most volatile stocks available in the marketplace than this one. In fact, there is no strategy that better utilizes put options for optimal returns and a real trading edge over other traders in the exact same market. New options traders fail out at an incredible rate without proper trade research, execution timing, and option picking. Capitalize on Schaeffer’s 100+ years of options trading excellence with the most coveted product launch in company history. Don't waste another second... join us right now before the next round of trades are released!

SCHAEFFER'S JULY STOCKS REPORT AD
 


 


 
Special Offers from Schaeffer's Trading Partners