Dow, S&P 500 Keeping the Rally Going

Rising rates are weighing on Big Tech though

Deputy Editor
Oct 24, 2022 at 11:55 AM
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Wall Street is adding to last week's gains, though some sectors are faring better than others. Rising bond yields are weighing on Big Tech and the Nasdaq Composite (IXIC), though several firms set to report earnings this week could help reverse some recent losses. The Dow Jones Industrial Average (DJI) is up over 300 points at last check though, while the S&P 500 Index (SPX) sits comfortably in the black even after the S&P Global manufacturing and services purchasing managers' indexes (PMI) both came in weaker than expected.

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

  • Another analyst turns bearish on Meta stock.
  • Retail stock is the "poster child" for Covid over-earners. 
  • Plus, call traders call bottom for Snap stock; Myovant Sciences acquisition update; and why Chinese EV equities are tumbling.

Midday Market Stats October 242022

It looks like call traders are attempting to call a bottom on struggling social media stock Snap Inc (NYSE:SNAP). At the session's halfway point, the stock is trading 8.3% higher at $8.40, and more than 315,000 calls have been exchanged already -- volume that's seven times the average intraday amount. New positions are being opened at the top three contracts, the weekly 10/28 8-, 8.50-, and 7.50-strike calls. On Friday, SNAP fell to $7.33, or its lowest level since February 2019, but the struggles started with a post-earnings bear gap a year ago. More recently, the 100-day moving average has cut at least two rallies short, and driven Snap stock to an 82.3% year-to-date deficit.

SNAP Chart October 242022

Myovant Sciences Ltd (NYSE:MYOV) was last seen up 8.9% at $26.73, trading near the top of the New York Stock Exchange (NYSE) after agreeing to be acquired by Sumitomo Pharma for $2.9 billion. Myovant Sciences stock is now trading at its highest level since August 2021, rising well above a recent floor at the $24 level. Year-to-date, MYOV is 71.8% higher.

Chinese electric vehicle (EV) stocks are tumbling today, after Tesla (TSLA) cut its starting prices in the region by up to 9% following the reveal of President Xi Jinping's new leadership team. The news boosted fears that economic growth is taking a back seat to ideology-driven policies in China. Nio Inc (NYSE:NIO) was last seen 22.7% lower to trade at $8.66, near the bottom of the NYSE. The $23 level has stepped up as a ceiling in recent months, while NIO sits 77.8% lower year-over-year.

 

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