Dow Down Triple Digits as Rally Hits Pause

Disappointing earnings and weekly jobless claims data is putting pressure on stocks

Deputy Editor
Jul 21, 2022 at 11:43 AM
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Stocks are mixed midday amid a slew of lackluster corporate earnings. Weekly jobless claims hitting an eight-month high last week is also weighing on stocks today. At last check, the Dow Jones Industrial Average (DJI) is down triple digits, the S&P 500 Index (SPX) lays flat, and the Nasdaq Composite (IXIC) ekes out a modest gain. Despite today's choppy price action, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), is heading toward its third-straight loss. 

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

  • Analyst sees growth potential for this software name. 
  • DocuSign stock moving lower following a downgrade. 
  • Plus, options bulls blast FTCH; Amazon.com makes a move; and IIIN slides on quarterly miss. 

MMC July21

Options bulls are targeting Farfetch Ltd (NYSE:FTCH) today, as the shares rise 2.6% to $8.57 after Keybanc initiated coverage with an "overweight" rating and $11 price target. So far, 18,000 calls have been exchanged, volume that's 14 times the intraday average. The August 10 call is the most active, followed by the September 10 call, with new positions being opened at the latter. 

One of the best performing stocks on the Nasdaq today is 1Life Healthcare Inc (NASDAQ:ONEM). The equity is soaring up 67.9% to trade at $17.09 at last check -- its highest levels since January -- after news that Amazon.com (AMZN) will acquire the company for $3.5 billion. Jumping above long-term pressure at the 160-day moving average, ONEM is still down 39% year-over-year. 

ONEM July21

Meanwhile, one of the worst stocks on the New York Stock Exchange is Insteel Industries Inc (NYSE:IIIN), last seen down 17.7% to trade at $33.59, after the steel name's fiscal third-quarter earnings and revenue missed estimates. This negative price action has IIIN landed on the short sell restricted (SSR) list and set to snap a five-day win streak. 

 

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