Stocks Cool as Congress Control Remains Unclear

It's still unclear which political party will take control of Congress

Deputy Editor
Nov 9, 2022 at 12:00 PM
facebook X logo linkedin

Stocks are firmly lower midday, with the Dow Jones Industrial Average (DJI) down over 200 points as many critical midterm election results remain unclear. Races in Georgia, Nevada, and Arizona --three states that will determine the political fate of Congress -- are too close to call at the moment.

Walt Disney (DIS) stock's post-earnings plummet is weighing on the blue-chip index, while a slide in Big Tech is contributing to the Nasdaq Composite (IXIC) and S&P 500 Index's (SPX) losses. All three major indexes on track to snap their three-day win streaks.  

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

  • More on Walt Disney's dismal earnings
  • What's boosting Novavax stock today. 
  • Plus, put traders target GFI; OM soars off record low; and TLS plummets into penny stock territory.  

MMC Nov9

Gold Fields Ltd (NYSE:GFI) is seeing a bearish options surge today, with 14,000 puts across the tape so far -- 37 times the intraday average -- in comparison to 6,548 calls. The January 2023 9-strike put is the most popular, with new positions being bought to open. GFI is up 9.5% at $10.79 at last check, after Yamana Gold (YRI) agreed to pay a $300 million break fee after terminating its buyout deal. 

Outset Medical Inc (NASDAQ:OM) is one of the top performers on the Nasdaq today, up 36.4% at $15.64 at last glance, after the company's third-quarter revenue beat, overshadowed wider-than-expected quarterly losses. The stock is also brushing off a price-target cut from Cowen and Company to $22 from $33. This positive price action has the stock bouncing off yesterday's record low of $11.41, though the 100-day moving average lingers above as pressure. 

OM Nov9

Meanwhile, Telos Corp (NASDAQ:TLS) is the worst performing stock on the Nasdaq today, down 67.50% at $3.58 at last glance and plummeting into penny stock territory despite the company's better-than-expected third-quarter report. Instead, what's weighing on the stock is the software company's trimmed fiscal year forecast, as well as a fourth quarter revenue forecast that came in below estimates. TLS is sinking to record lows, down 76.1% year-to-date. 


Unlock Weekend Profits with Chris Prybal's Favorite Strategy Up +487.5% in 2024

With the markets going left, right, and sideways, you need to have a plan now more than ever. 

Expert Trader Chris Prybal is no stranger to volatility, and has mastered finding big stock rallies while other traders aren't looking over the weekend. Rallies that produced gains like +207% on RTX calls, +236% on MARA calls, and +238% on NET calls.

A few simple moves on Sunday at 7pm could be the “Secret Sauce” your portfolio needs to not just stay afloat, but make unprecedented gains in this turbulent market.

Don’t sit on the sidelines, beat the market with Chris Prybal's strategy. Join him now!




Rainmaker Ads CGI