Stocks Rally as Major Indexes Look to End Losing Streaks

The FTSE Russell's annual index rebalancing will take place today

Digital Content Manager
Jun 24, 2022 at 12:15 PM
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All three major indexes are set to snap three consecutive weeks of losses on Friday, as stocks surge midday. The Dow Jones Industrial Average (DJI) was up 657 points, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) sport notable gains of their own. 

Wall Street is focusing on this morning's University of Michigan (UM) consumer sentiment report, which fell to a record low of 50 for June. Boosting sentiment is the report's 12-month consumer inflation expectations, which fell back to 5.3%. Meanwhile, the FTSE Russell's annual index rebalancing will take place today, which could bring volatility to the markets. 

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

    • Behind the multi-billion dollar buyout of Zendesk.
    • This chip stock is a "buy," says Goldman Sachs. 
    • Plus, BCRX calls running red-hot; USAK surges on takeover news; and another Wall Street newbie taking a plunge on the charts.

    mmc stats june 24

    BioCryst Pharmaceuticals, Inc. (NASDAQ:BCRX) is seeing an unusual amount of bullish options activity today. So far, 10,000 calls have been exchanged, which is eight times the intraday average. The most popular contract is the August 11 call, followed by the 10 call in the same monthly series, with positions being opened at both. BCRX was last seen up 2.8% to trade at $10.46. The company said on Wednesday its Orladeyo data will be presented at the European Academy of Allergy and Clinical Immunology (EAACI) Hybrid Congress in early July. Year-to-date, the stock remains down 24.6%.

    One of the best stocks on the Nasdaq is USA Truck, Inc. (NASDAQ:USAK). The security was last seen up 111.1% at $30.78 on news that the company will be acquired by German firm DB Schenker in a deal worth $435 million, or $31.72 per share. USAK is today trading at its highest level since 2015, and has toppled pressure at the 50-day moving average.

    usak chart june 24

    JE Cleantech Holdings Ltd (NASDAQ:JCSE) is one of the worst stocks on the Nasdaq today, last seen down 19.6% at $14.23. While there's no clear indicator for this negative price action, the equity yesterday saw its highest close since its second day as a publicly traded company in late April. The equity is still above its newly formed 40-day moving average, though.

     

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