Major Indexes Stage Tentative Rebound With Fed in Focus

All eyes are of Fed Chair Jerome Powell's Friday morning speech at the Jackson Hole symposium

Digital Content Manager
Aug 24, 2022 at 11:46 AM
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The major indexes are tentatively higher on Wednesday afternoon as the Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) attempt to come back from three-day slumps, with the former last seen up 57 points, and the latter sporting a quiet gain. The Nasdaq Composite (IXIC) is also inching higher. Attention is focused squarely on the Federal Reserve, with the three-day Jackson Hole symposium slated to commence tomorrow. Fed Chair Jerome Powell's Friday morning speech will be the highlight of the event, giving investors clues on what's to come for inflation and potential rate hikes. 

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

  • Here's what the brokerage bunch has to say about Medtronic stock
  • Gloomy forecastearnings miss sinks pet supply retailer. 
  • Plus, options bulls target uranium stock; TRQ jumps on takeover buzz; and STBX cools from post-IPO surge.

midday stats aug 24

Cameco Corp (NYSE:CCJ) is seeing a surge in bullish options activity today. So far, 68,000 calls have exchanged hands, which is eight times the intraday average, compared to just 4,312 puts. The most popular contract is the September 30 call, followed distantly by the October 25 call, with positions being bought to open at the latter. CCJ is up 11.3% at $26.19 at last check, as the Global X Uranium exchange traded fund (ETF) soars, pacing for its best day of 2022. The uranium concern is now eyeing its highest close since early June.  

One of the best performing stocks on the Nasdaq today is Turquoise Hill Resources Ltd (NYSE:TRQ). The stock is up 24.9% at $29.12 at last check after Rio Tinto raised its buyout bid by 18%, which brings the company's value to $3.1 billion U.S. dollars. The stock jumped over a recent ceiling at the 60-day moving average, and now sports a 77.7% year-to-date lead. 

trq aug 24

Malaysian fintech name Starbox Group Holdings Ltd (NASDAQ:STBX) is one of the worst stocks on the Nasdaq today, down 22.9% at $11.98. This is the equity's second day on the Nasdaq, and yesterday it surged as much as 1,055% following its $20 million initial public offering (IPO), which set its IPO price at $4 per share and opening at $27. 

 

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