The Dow is 179 points higher this afternoon
The Dow Jones Industrial Average (DJI) is up 179 points this afternoon, at least for now brushing off concerns about a hawkish Fed. Both the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) boast solid gains of their own, with healthcare and bank stocks leading the way. Upbeat jobless data is helping overshadow the latest comments from Federal Reserve Chairman Jerome Powell, who reiterated his commitment to fighting inflation with aggressive interest rate hikes.
Continue reading for more on today's market, including:
- Climate bill tailwinds could make solar stock shine.
- Options bulls rushing Moderna stock after upgrade.
- Plus, LYFT's latest bearish coverage; pharmaceutical stock surges on ALS drug approval; and unpacking BILI's post-earnings tumble.
Ridesharing name Lyft Inc (NASDAQ: LYFT) is seeing heightened options volume in its options pits today. So far, 89,000 calls and 22,000 puts have been traded, volume that's eight times the average intraday amount. The 9/9 14.50-strike call is by far the most popular contract, followed by the 15-strike call in the same weekly series, with new positions being opened at both. Up 10.3% at $16.20 at last check, LYFT is brushing off new coverage from BofA Global Research, which initiated an "underperform" rating and $14 price target. Shares are bouncing off a recent pullback to the $14 level, and are today looking to overcome short-term resistance at the $16 region.
Amylyx Pharmaceuticals Inc (NASDAQ:AMLX) is one of the top performers on the Nasdaq today, last seen up 59.9% at $28.63, after a Federal Drug Administration (FDA) panel of neurologists voted in favor of the company's amyotrophic lateral sclerosis (ALS) drug. In response, SVB Securities and Citigroup hiked their price targets on AMLX to $50 and $48, respectively. Shares are today trading at their highest level since February, and have added a whopping 116.8% over the last three months.
Meanwhile, Bilibili Inc (NASDAQ:BILI) is towards the bottom of the Nasdaq, down 14.2% to trade at $20.27 at last glance, after the Chinese tech company announced wider-than-expected second-quarter losses and a revenue miss. BILI earlier fell to its lowest level since late May, breaching the $22 level, a floor that contained multiple pullbacks over the last three months. Year-to-date, BILI is down 55.9%.
