The Dow is down 173 points midday
Though all eyes are on Federal Reserve Chairman Jerome Powell's speech later this afternoon, investors are unpacking plenty of economic data in the meantime, including the ADP employment report and GDP reading. Plus, pending home sales declined for a fifth-straight month. The Dow Jones Industrial Average (DJI) is down 173 points at midday, while the S&P 500 Index (SPX) lays flat, and the Nasdaq Composite (IXIC) sits modestly in the black.
Continue reading for more on today's market, including:
- Biopharma stock soaring on buyout rumors.
- Unpacking the upbeat results from Hewlett Packard.
- Plus, options bulls make gold play; EV stock soaring higher; and SLDP slips on CEO exit.
Options bulls are targeting Kinross Gold Corp (NYSE:KGC) today, with 44,000 calls exchanged so far -- 16 times the intraday average -- in comparison to just 965 puts. The January 2023 5-strike call is the most popular by far, with new positions being opened. Gold and gold-adjacent stocks are in the spotlight plenty today ahead of Powell's speech.
China-based electric vehicle stock Nio Inc (NYSE:NIO) is one of the top performers on the New York Stock Exchange (NYSE) today. The stock is up 21.3% at $12.73 at last glance, amid news that the company's next-generation models will enter the U.S., according to CnEVPost, which cited local media outlet LatePost. Year-to-date, NIO is down 60.4%.
Meanwhile, Solid Power Inc (NASDAQ:SLDP) is plummeting further into penny stock territory, down 27.4% at $3.11 at last check, and earlier hitting a record low of $2.88. This negative price action comes after news that Douglas Campbell, the company's CEO for 11 years, is retiring. Plus, D.A. Davidson downgraded the stock to "neutral" from "buy," with a price-target cut to $5 from $13. Before today's drop, SLDP's 100-day moving average had been pressuring the shares lower since June. Year-to-date, the equity is down 64.1%.
