Economic Data in the Spotlight Ahead of Fed Minutes

Stocks are mixed as data fails to fully shift stocks in either direction

Deputy Editor
Nov 30, 2022 at 11:58 AM
facebook X logo linkedin


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. 

MMC Nov30

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%. 

SLDP Nov30

 

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