Major Indexes Look to Wrap Up Wild August With Losses

The S&P 500 and Nasdaq Composite have also turned negative

Digital Content Manager
Aug 31, 2022 at 11:49 AM
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Just off a three-day rout, stocks are failing to maintain their morning momentum, with all three major indexes erasing earlier gains to trade in the red at midday. The Dow Jones Industrial Average (DJI) was last seen down over 100 points, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are both eyeing notable losses as well. All three indexes are also looking to finish out August with monthly losses. Anxieties surrounding an increasingly hawkish Federal Reserve still loom, with comments from Cleveland Fed President Loretta Mester adding the latest kindling to the fire. 

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

  • Behind Snap stock's major premarket reversal. 
  • BofA just hit this fintech name with a bull note. 
  • Plus, CHPT targeted by options bulls after earnings; ALLK hits multi-month highs; and BBBY announces staff cuts.

midday stats aug 31

ChargePoint  Holdings Inc (NYSE:CHPT) is seeing an uptick in options volume today, following the company's second-quarter report. CHPT posted slimmer-than-expected losses for the quarter and an earning beat. So far, 132,000 calls and 17,000 puts have been exchanged, which is four times the intraday average. The most popular is the weekly 9/2 17-strike call, followed by the 18-strike call in the same series, with positions being opened at the former. CHPT was last seen up 14.4% at $16.58, set for a close back above the 20-day moving average for the first time since the equity gapped below the level several weeks ago. 

chpt aug 31

Allakos Inc (NASDAQ:ALLK) is up 49.7% at $6.03 at last check, taking its place as one of the top performers on the Nasdaq. While there's no clear catalyst for today's surge, the equity has been riding higher since mid-June, when it hit a record low of $2.53. With the help of today's pop, ALLK has now risen more than 138% off this bottom, and is now trading at its highest level since early April. 

Bed Bath & Beyond Inc (NASDAQ:BBBY) has taken the familiar spot as one of the worst performers on the Nasdaq, last seen down 21.2% at $9.55. The company announced today it was shuttering 150 stores and cutting 20% of its corporate staff in an effort to reverse some of its recent losses. The meme stock saw another surge earlier this week, though that lost momentum around the 120-day moving average. Year-to-date, BBBY is now down 29%. 

 

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