Stocks Cling to Gains Before the Fed Storm

The 10-year Treasury yield is taking a step back while the 2-year climbs above 4%

Digital Content Manager
Sep 21, 2022 at 11:38 AM
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The Dow Jones Industrial Average (DJI) is clinging to modest morning gains, last seen up 129 points, as investors brace themselves for the conclusion of the Federal Open Market Committee's (FOMC) two-day policy meeting. The S&P 500 Index (SPX) and the Nasdaq Composite (IXIC) are also enjoying some tailwinds, suggesting a bit of optimism ahead of a decision that could quickly turn markets volatile once more.

The 10-year Treasury yield is cooling following Tuesday's surge to decade highs, though the 2-year Treasury note just climbed over 4% for the first time since 2007. Oil, on the other hand, is paring earlier gains amid concerns over Russian President Vladimir Putin's partial military mobilization to Ukraine. On the data front, existing home sales saw a 0.4% drop in August, marking their slowest pace since June. 

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

  • This cosmetics stock just received a lofty bull note. 
  • Why General Mills stock is at fresh record highs. 
  • Plus, Beyond Meat COO suspended; SLNG doubles in price; and PIXY nears record lows once more.

mmc stats sept 21

Beyond Meat Inc (NASDAQ:BYND) is seeing a flurry of options activity today, with 59,000 calls and 16,000 puts exchanged so far -- six times the intraday average. The most popular is the weekly 9/23 18-strike call, followed by the 21-strike call in the same series, which is set to expire this Friday. New positions are being bought to open at both. BYND was last seen up 8.9% at $17.46, after the company announced the suspension of Chief Operating Officer (COO) Doug Ramsey, amid bizarre news that Ramsey allegedly bit a man's nose in an physical altercation in Arkansas. Jonathan Nelson will take over the role on an interim basis. 

Near the top of the Nasdaq is Stabilis Solutions Inc (NASDAQ:SLNG). The energy stock is up 110.6% at $10.72 at last check, after the company received approval from the Department of Energy (DOE) to export domestically produced liquified natural gas (LNG) to free and non-free trade countries. SLNG hit its highest level since mid-2019 earlier today, toppling recent pressure at the 320-day moving average in the process.

slng sept 21

ShiftPixy Inc (NASDAQ:PIXY), on the other hand, is one of the worst performing stocks on the Nasdaq today. The shares were last seen down 31.2% at $14.81, after the company announced the pricing of $5 million private placement, with its offering price at a 44% discount to Tuesday's close. PIXY is gapping back toward its Sept. 7 record low of $11.06, with the 140-day moving average snuffing out its latest rally attempt. 



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