Stocks Set to Snap 2-Month Losing Streak Ahead of Fed Meeting

The Federal Reserve is expected to increase interest rates at its meeting this week

Deputy Editor
Oct 31, 2022 at 12:04 PM
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Stocks are slipping to close out the first month of the fourth quarter, but remain on track snap a two-month losing streak after staging a major rally in October. These gains have come despite a mixed earnings season, led by huge disappointments from the tech sector. This week, however, investors have their attention turned toward updates from the Federal Reserve, as the central bank is expected to announce another interest rate hike following its upcoming two-day policy meeting.

At last check, the Dow Jones Industrial Average (DJI) is just over 70 points lower, and is pacing for its best month in more than 45 years. Meanwhile, the Nasdaq Composite Index (IXIC) sports a triple-digit deficit, and the S&P 500 Index (SPX) sits well below breakeven. 

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

  • Apparel stock hits 10-year lows after double-downgrade
  • Logistics concern rises despite quarterly revenue whiff.
  • Plus, GameStop stock trading halted amid options surge; Anterix announces new contract; and pre-earnings bear note sinks DASH.

Midday Market Stats October 312022

Meme stock mania might be showing its face again this afternoon, as trading on GameStop Corp. (NYSE:GME) has been halted amid an unusual amount of options activity. So far, more than 183,000 calls and 46,000 puts have been traded, which is six times the average intraday amount. The weekly 11/04 35-strike call is the most popular, followed by the 40-strike call from the same series, and new positions are being opened at both. GameStop stock is 8% higher at last glance, trading at $30.38 and boasting a 16.6% lead in October as it moves to break a two-month losing streak. Still, over the last 12 months GME is 35.8% lower.

Anterix Inc (NASDAQ:ATEX) is trading near the top of the Nasdaq, after adding 15.4%. Last seen trading at $39.75, shares of the wireless communications company are seeing tailwinds after announcing a new contract with Xcel Energy. Today's pop has Anterix stock trading back above the 40-day moving average, after an extended period of trading below the trendline. Year-to-date. ATEX is 33.4% lower.

ATEX Chart October 312022

DoorDash Inc (NYSE:DASH) continues to underperform the broader market, and was last seen trading near the bottom of the New York Stock Exchange (NYSE). The stock is down 8.3% at $43.10, after J.P. Morgan Securities slashed its target price to $70 from $105 ahead of the company's third-quarter earnings report that is due out after the close on Thursday, Nov. 3. Heading for its third-straight monthly loss, and its seventh monthly dip of 2022, DoorDash stock is now 78% lower year-over-year.

 

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