Stocks Mixed at Midday, Still Eyeing Steep Weekly Losses

The S&P 500 is eyeing its worst week in over two years

Digital Content Manager
Jun 17, 2022 at 11:57 AM
facebook twitter linkedin


Markets are mixed midday, with the Dow Jones Industrial Average (DJI) last seen down 54 points, while the Nasdaq Composite (IXIC) is up over 1%, and the S&P 500 Index (SPX) is flat. All three indexes are set for steep weekly losses, however. The Dow is headed for its biggest one-week percentage drop since October 2020, while the S&P 500 is eyeing its worst week since March 2020. The Fed's historic interest rate hike pressured stocks this week, along with several economic data points that missed analysts' expectations. 

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

    mmc stats jun 17

    United States Steel Corporation (NYSE:X) is seeing an unusual amount of options activity today, with 28,000 calls across the tape so far, which is double the volume that's typically seen at this point. The most popular contract is the July 24 call, followed by the June 20.50 call, the latter of which expires after the close. X was last seen up 1.9% at $19.96, after issuing an upbeat second-quarter profit forecast. Despite this, BMO and Credit Suisse both cut their price targets to $23 and $44, respectively. Year-to-date, X remains down 16.6%.

    One of the best stocks on the Nasdaq today is AeroClean Technologies Inc (NASDAQ:AERC). The equity was last seen up 14.1% to trade at $20.22, after the U.S. Food and Drug Administration (FDA) cleared  its Purgo air purification technology earlier this month, which is able to eliminate microbes such as the Covid-19 virus. AERC is up 94% year-to-date, and recently found support at its 10-day moving average. 

    aerc jun17

    One of the worst stocks on the Nasdaq is Neptune Wellness Solutions Inc (NASDAQ:NEPT). The security was last seen down 20.2% to trade at $2.17. While no catalyst seems to be driving the equity lower, NEPT is trading at record lows, and now suffers an 83.4% year-to-date deficit. 

     

    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