Stocks Pivot Lower as Disappointing Data Rolls In

The consumer confidence index saw a bigger-than-expected drop in May

Digital Content Manager
Jun 28, 2022 at 12:05 PM
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The Dow Jones Industrial Average (DJI) is down 165 points at midday, while the S&P 500 Index (SPX) and the Nasdaq Composite (IXIC) are both deep into the red as well. Traders are sifting through a slew of economic data, including a bigger-than-expected drop in the consumer confidence index to 98.7 from 103.2 in May. Plus, the Conference Board also released its consumer confidence survey, which showed 12-month inflation expectations rising to 8% in June, marking their highest level on record, going back to 1987. 

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

    • The biotech stock blasting higher today.
    • Why outperforming Merck stock could keep surging.
    • Plus, volatile REV targeted by options traders; AGRX surges on contraceptive demand; and LYT tumbles from record high.

    mmc stats june 28 new

    Revlon Inc (NYSE:REV) is seeing a surge in options activity today, with 25,000 calls and 16,000 puts exchanged so far, which is double the intraday average. The two most popular contracts are the August 5 and 10 calls, followed by the weekly 7/1 4-strike put. Revlon stock was last seen down 14.8% at $5.70, though it surged to $9.89 last week, with volatility plaguing the security after the cosmetics company filed for bankruptcy protection. REV sports a more than 40% month-to-date lead, though.

    One of the best performing stocks on the Nasdaq today is Agile Therapeutics Inc (NASDAQ:AGRX). The equity was last seen up 87.4% at $2.38, after the Wall Street Reporter noted Agile's Twirla contraceptive for women, which uses a trasdermal patch technology called Skinfusion. Twirla saw demand for the contraceptive grow by double digits in the first quarter, according to Agile, before the Roe v Wade decision. AGRX is still down 88.2% this year, though it is set for its first close above the 30-day moving average since December 2021.

    agrx june 28

    Lytus Technologies Holdings Pvt Ltd (NASDAQ:LYT) is one of the worst stocks on the Nasdaq today, last seen down 75.1% to trade at $11.69. A reason for the plummet remains unclear, though LYT, which went public earlier this month, reached a record high of $47.06 yesterday.

     

      

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