Stocks Struggle for Direction as Choppy Q3 Comes to an End

The Dow is set for its biggest monthly drop since March 2020

Digital Content Manager
Sep 30, 2022 at 11:59 AM
facebook X logo linkedin


Markets are having a hard time deciding how to end a dismal week (and month, and quarter) with the Dow Jones Industrial Average (DJI) last seen with a slight gain as it struggles to brush off Nike's (NKE) post-earnings plummet. The S&P 500 Index (SPX) and the Nasdaq Composite (IXIC), meanwhile, are clinging to more substantial gains, as investors continue to digest this morning's hotter-than-expected inflation reading.

It's possible that stocks could see dramatic pullbacks from these midday gains by the close, like we've seen over the past few sessions, but regardless, stocks are looking to turn in some serious losses for both September and the third quarter. The Dow is off more than 7% this month, set for its biggest drop since March 2020, while all three indexes are on track to string on a third-straight quarterly drop, marking the longest streak for the S&P 500 and Nasdaq since 2009.

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

  • Why Blue Apron's CFO just resigned. 
  • This power equipment stock could brave recent market volatility. 
  • Plus, bears bombard CarMax competitor; AIMD shares omicron treatment update; and ICPT breaks below YTD level.

mmc stats sept 30

Carvana Co (NYSE:CVNA) is seeing a pop in bearish options activity today, with 8,278 puts exchanged so far, which is double the intraday average, compared to 5,689 calls. The most popular position is the weekly 9/30 21.50-strike call, followed by the October 15 put, with positions being opened at the former. While CVNA is up 2.5% at $22.10 this afternoon, the stock shed over 19% yesterday after the company's competitor CarMax (KMX) shared a drop in vehicle sales during its last quarter. Carvana stock was able to find footing at a familiar floor near the $20 region, however, though it's lost 90% this year. 

One of the best performing stocks on the Nasdaq is Ainos (NASDAQ:AIMD). The equity was last seen up 60% at $2.21 after it announced upbeat results from its preclinical trial of its low-dose oral interferon alpha formulation VELDONA in hamsters infected with the Omicron variant SARS-CoV-2. AIMD is no stranger to outsized swings on the charts, as it surged to the $18 level in late-July before immediately gapping lower. The stock still suffers an 83.5% year-to-date deficit, though its set to topple the 20-day moving average for the first time since that bear gap. 

aimd sept 30

Intercept Pharmaceuticals Inc (NASDAQ:ICPT), meanwhile, is sitting near the bottom of the Nasdaq, of 18.2% to trade at $13.42 at last check. The drug maker said that its liver disease treatment failed to meet the main goal of its phase 3 study. ICPT is trading at two-month lows in response, dropping back below its formerly supportive year-to-date breakeven level as well. 

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI