Dow, Nasdaq Up Triple Digits in Latest Last-Ditch Rally

Investors are reacting to higher-than-expected jobless data

Digital Content Manager
Dec 29, 2022 at 11:45 AM
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Stocks are attempting a last-minute rally before the year comes to a close, as investors react to higher-than-expected jobless claims data. The Dow Jones Industrial Average (DJI) is up 319 points at midday, the Nasdaq Composite Index (IXIC) boasts a triple-digit lead, and the S&P 500 Index (SPX) is firmly higher. All three indexes are still on track for their worst year since 2008, however.

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

  • Checking in on one of our successful 2022 stock picks.
  • Options bulls blasted Netflix stock after upgrade.
  • Plus, OSTK calls running red-hot; FDA accepts Hoth Therapeutics application; and unpacking LJAQ's volatility.

MMC Stats 1229

Overstock.com Inc(NASDAQ:OSTK) is seeing increased options volume in its options pits, with 4,738 calls and 4,206 exchange so far, which is seven times the volume that is typically seen at this point. The most popular contract is the June 20 put, followed by the 20 call in that standard series, with positions being opened at both. OSTK is up 5.1% at $19.33 at last check, though a catalyst for today's pop was not immediately clear. The stock yesterday slipped to a two-year low of $18.07, and has shed 66.7% so far in 2022.

Near the top of the Nasdaq today is Hoth Therapeutics Inc (NASDAQ:HOTH), which was last seen up157.5% to trade at $11.33. The company said the U.S. Food and Drug Administration (FDA) accepted its clinical trial application for its therapeutic drug to treat cancer-related skin disorders. The shares are trading at their highest level since August, breaking through overhead pressure from the 100-day moving average. Still, HOTH has shed 41.3% in the last nine months. 

 

HOTH 100 Day

Meanwhile, LightJump Acquisition Corp(NASDAQ:LJAQ) is one of the worst stocks  on the Nasdaq, down 9.6% to trade at $10.80 at last check. LJAQ has been extremely volatile, surging to a Dec. 27 all-time high of $42.25 before quickly cooling off, though there's no clear reason for this wild price activity. The shares have shed roughly 46% since that record and sport a 9.6% year-to-date gain.

 

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