Dow Sheds Over 670 Points on Reignited Recession Fears

Investors are worried more rate hikes could hurt the economy

Digital Content Manager
Dec 15, 2022 at 11:59 AM
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Disappointing retail sales data and a fresh interest rate hike are still weighing on stocks this afternoon, as traders fear that the Federal Reserve's hawkish stance could push the economy into a recession. Fed Chair Jerome Powell also prefaced more rate increases in 2023, noting robust job gains, though today's jobless claims data showed another decline. At last check, the Dow Jones Industrial Average (DJI) is off 677 points, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are swimming in red ink as well. 

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

  • Analyst predicts headwinds for AT&T stock
  • Lennar stock posts disappointing forecast.
  • Plus, bulls swarm struggling copper stock; biotech stock surges on vaccine data; Roblox's dismal November metrics.

MMC Stats 1215

Options bulls are swarming Southern Copper Corp(NYSE:SCCO) today, with 6,154 calls across the tape -- which is 41 times the volume that's typically seen at this point -- compared to just 72 puts. The most popular contract is the January 2023 70-strike call, followed by the 100-strike call in that series. The equity is down 2.8% at $59.66 at last check, amid surging Covid-19 cases in China that could lead to more restrictions from one of its top metal consumers. The shares are slipping below the $60 level, which coincides with the 20-day moving average. In the last nine months, SCCO has shed 18.2%.

SCCO 20 Day

Biotech name Icosavax Inc (NASDAQ:ICVX) is among the Nasdaq's outperformers, last seen up 44% at $12.84 as it paces for its best day on record. Today's massive bull gap came after the company shared strong early-stage trial data of its experimental RSV vaccine. The shares are now trading at their highest level since March, bursting through long-term resistance at the $11 region. ICVX also sports a 241.8% three-month lead. 

 

Meanwhile, Roblox Corp (NYSE:RBLX) is one of the worst stocks on the New York Stock Exchange (NYSE), last seen down 15% to trade at $28.17. The gaming concern said it expects average bookings per daily active user in November to decline 7% to 9% year-over-year, partially due to the impact of foreign currency fluctuations. The $28 level looks poised to contain today's pullback, but year-to-date RBLX carries a 72.4% deficit.

 

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