The Dow was last seen up 30 points
Stocks are modestly higher at midday, with the Dow Jones Industrial Average (DJI) last seen up 30 points, while the Nasdaq Composite (IXIC) and S&P 500 Index (SPX) are looking to build on yesterday's rebound as well. Traders are still unpacking Federal Reserve Chairman Jerome Powell's speech before the Senate Banking Committee earlier, in which he noted the central bank is aware of the "hardship high inflation is causing," while adding it is "moving expeditiously" to bring it back down.
Meanwhile, oil prices are nose-diving, following news that U.S. President Joe Biden will move to pause the federal gas tax for three months. U.S. West Texas Intermediate (WTI) crude was last seen down 4.5% at $104.59.
Continue reading for more on today's market, including:
Altria Group Inc (NYSE:MO) is seeing an unusual amount of options activity today, after the Wall Street Journal reported that the U.S. Food and Drug Administration (FDA) plans to pull the company's Juul e-cigarettes off the market. The shares of Altria, which owns a 35% stake in Juul Labs, were last seen down 8.4% at $41.85, and earlier hit a one-year low of $41. Circling back to today's options activity, 36,000 calls and 70,000 puts have been traded so far, or eight times the intraday average. Most popular is the weekly 6/24 41-strike put, followed by the 42-strike put in that same series, with new positions being opened at both.
One of the best stocks on the New York Stock Exchange (NYSE) today is Revlon Inc (NYSE:REV). The equity was last seen up 37.4% at $8.32, and earlier hit a three-month high of $9.89. The heavily shorted stock appears to be attracting retail traders, despite recent bankruptcy news. REV remains down 20.3% in 2022, though the equity is eyeing a close above the 160-day moving average for the first time since late December.
Athira Pharma Inc (NASDAQ:ATHA) is one of the worst performing stocks on the Nasdaq today. Last seen down 66.8% at $2.80, the shares are being hit hard by news that its experimental Alzheimer's treatment ATH-1017 failed to meet its main goal in a Phase 2 study. The equity earlier hit a record low of $2.53, and gapped below a recent floor at the $7.80 level right out of the gate. The shares have lost over 78% so far this year.