Dow Struggles to Maintain Morning Gains

The S&P and Nasdaq have also pared earlier gains

Digital Content Manager
Dec 19, 2022 at 12:04 PM
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This morning's rally was short-lived, and by midday, the major indexes were trading back in the red amid looming recession anxieties. The Dow Jones Industrial Average (DJI) was last seen down 34 points, erasing its earlier triple-digit lead. Walt Disney (DIS) stock is dragging down the index, as shares feel the weight of worse-than-expected ticket sales for "Avatar: The Way of Water." Meanwhile, while the S&P 500 Index (SPX) and the Nasdaq Composite Index (IXIC) also pared earlier gains. 

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

mmc stats dec 19

Options bears are targeting Li Auto Inc (NASDAQ:LI) at a quicker-than-usual clip, with 11,000 puts exchanged so far, which is double the intraday average. The two most popular positions are the March 2023 18-strike put and the 20-strike put in the same monthly series. LI is down 1.8% at $20.09 at last check. The stock has been on a downward slope for the past few weeks after its November and early December rally was cut short by the 100-day moving average. 

The shares of Madrigal Pharmaceuticals Inc (NASDAQ:MDGL) have more than tripled today, making the equity the top Nasdaq performer. Last seen up 235.4% at $214.48, investors are targeting MDGL after the company shared positive topline results from a Phase 3 biopsy clinical trial of its liver-directed selective thyroid hormone receptor agonist, resmetirom. The stock is trading at its highest level since late 2018, and toppled recent pressure at the 320-day moving average. 
On the other hand, one of the worst performing stocks on the Nasdaq today is NantHealth Inc (NASDAQ:NH), which was last seen down 29% at $4.05. The shares are reversing some of last week's surge that accompanied a 1-for-15 reverse stock split. On Friday, the security closed just short of its 120-day moving average, which has loomed over NH since April 2021. 

nh new dec 19


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