The Dow down over 200 points midday
The Dow Jones Industrial Average (DJI) is down over 200 points midday, while the Nasdaq Composite (IXIC) and S&P 500 Index (SPX) struggle for direction following today's highly-anticipated inflation data. The consumer price index (CPI) rose 9.1% year-over-year in June -- even higher than May's 8.6% jump, which was the largest increase since 1981. Though Wall Street's focus is set squarely on the hotter-than-expected reading and the potentially sizable rate hikes that could follow, investors are still eyeing earnings reports for more potential clues into the state of the U.S. economy.
Continue reading for more on today's market, including:
- Oil is slumping: how can an options trader profit?
- Vaccine buzz boosting Novavax stock.
- Plus, oil stock scores big sale; pharma stock breaking out; and Unity merges with IronSource.
Tellurian Inc (NYSE:TELL) is seeing a surge in bullish options surge today, with call volume running at 6 times the intraday average. So far, 26,000 calls have crossed the tape in comparison to just 527 puts. The October 4 call is the most popular, followed by the August 3.50 call, with new positions being opened at both. TELL is up 10.2% to trade at $3.22, after news that the company will acquire Haynesville Shale for $125 million.
One stock outperforming the Nasdaq so far today is CinCor Pharma Inc (NASDAQ:CINC), after the company began dosing in its mid-stage kidney disorder trial. CINC is up 11.5% to trade at $22.70 at last glance, rising to its highest levels since mid May. Publicly traded since early January, the stock is up 66.1% over the past month and 40.6% over the last six months.
Meanwhile, one of the worst stocks on the New York Stock Exchange (NYSE) is Unity Software Inc (NYSE:U),last seen down 14.2% to trade at $34.12 and on the Short Sell Restricted (SSR) list. This negative price action comes after the company announced a merger with IronSource (IS) in a deal valued at roughly $4 billion. Plus, Unity lowered its full-year revenue forecast. Options traders are chiming in in response, with volume running at nine times the intraday average. Year-to-date, U is now down 76.2%, and has been struggling with pressure below $50.
