Stocks Pivot Lower as Disappointing Data Rolls In

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

Lillian Currens

Digital Content Manager

Jun 28, 2022 at 12:05 PM

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.

Follow @Schaeffers

You Don’t Need 25 Alerts -- You Need ONE You Can Trust!

That’s the idea behind Trade of the Week, Schaeffer’s newest trade alert.

Every Monday morning before the opening bell, you’ll receive a single, expertly researched trade recommendation -- built from the same proprietary research we’ve been using for over four decades.

It’s not just a signal.

It’s a plan designed for traders who are tired of jumping from alert to alert without ever finding their edge.

No juggling alerts. No switching directions mid-week. Just one clear, expertly researched trade idea -- delivered before the market even opens.

👉 JOIN RIGHT NOW FOR JUST $1 TO GET THE NEXT TRADE!