Stocks Firmly on Track for Worst Year Since 2008

The Chicago PMI for December still pointed to economic contraction

Digital Content Manager
Dec 30, 2022 at 11:51 AM
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The last day of 2022 is offering no reprieve to investors, with the major indexes still on track for their worst year since 2008, after months of persistent inflation and aggressive interest rate hikes. And while the Chicago Purchasing Managers’ Index (PMI) beat Wall Street's expectations after coming in at 44.9 for December, it still pointed to economic contraction. The Dow Jones Industrial Average (DJI) was last seen down 255 points, while the Nasdaq Composite Index (IXIC) and S&P 500 Index (SPX) sport midday losses as well, with all three currently eyeing weekly and monthly losses to boot.

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

  • Restaurant stock likely to rally next month.
  • Seasonality is not on Qualcomm stock's side.
  • Plus, China-based stock in hot water; Palisade stock surged on direct offering; and NUWE cools from new agreement.

MMC Stats 1230

Options traders are blasting Futu Holdings Ltd (NASDAQ:FUTU) in the options pits, after China's securities regulator said the digital brokerage platform conducted unlawful business, and will now be banned from opening new accounts from mainland Chinese investors. So far, 33,000 puts and 24,000 calls have crossed the tape, which is 19 times the volume that is typically seen at this point. Positions are being opened at the weekly 12/30 40-strike put, which is also the most popular contract. The shares are down 24.9% at $44.28, and earlier slipped to their lowest level in more than one month. Over the last six months, FUTU has shed 15.6%.

Palisade Bio Inc (NASDAQ: PALI) is easily one of the best stocks on the Nasdaq today, last seen up 144.7% to trade at $7.88. This bull gap came after the company announced a $2.5 million registered direct offering and concurring private placement. Shares are now eyeing their first close above the $5 region since October, and have overcome long-time overhead pressure from the 80-day moving average. PALI has added 32.5% in the past three months.

PALI 80 Day

Nuwellis Inc (NASDAQ: NUWE) is towards the bottom of the Nasdaq, down 15.7% to trade at $10.22 at last check, despite yesterday entering a license distribution deal with SeaStar Medical Holding (ICU) for its kidney injury treatment device. The update sent shares back above the $10 level, but ceilings at the 20-day moving average and $20 region have capped gains. NUWE has shed 90.7% in 2022.

 

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