Dow Adds 550 Points On Way to Winning Week

Signs are pointing towards the Fed's hawkish policy working

Deputy Editor
Jan 6, 2023 at 11:45 AM
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More upbeat jobs data has stocks surging into the first weekend of 2023. The Dow Jones Industrial Average (DJI) sports a nearly 550-point midday lead, on track for its best single-session gain since Dec. 21. The blue-chip index and S&P 500 Index (SPX) are both poised to start the new year off with weekly wins.

Elsewhere, ISM's non manufacturing Purchasing Managers' Index (PMI) flashed contraction in the services industry in December. Investors are taking these data points as a sign that the Federal Reserve's rate hikes are working to cool off the economy.

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

  • What is going on with Bed Bath & Beyond stock?
  • Here's what to look out for in the oil sector this year.
  • Plus, Peloton fined $19 million; McMahon back at WWE; and crypto-friendly stock plummets.

Midday Market Stats January 062023

Peloton Interactive Inc (NASDAQ:PTON) is seeing an surge in call activity today, despite just being fined $19 million for failing to swiftly report treadmill hazards and selling recalled treadmills. The 26,000 calls that have crossed the tape -- triple the intraday average volume -- could signal options traders are attempting to find a ceiling for the shares. New positions are being opened at the most popular contract, the weekly 1/13 9-strike call. At last glance, PTON is 1.2% lower to trade at $8.68. The $15 level has acted as pressure since May, and Peloton stock is 74.4% lower over the last year.

PTON Chart January 062023

The controversial Vince McMahon is staging a comeback, after electing himself executive chairman of World Wrestling Entertainment, Inc. (NYSE:WWE). McMahon's return comes months after the media mogul stepped down from his position due to a sexual misconduct scandal. Nevertheless, WWE is trading near at the top of the New York Stock Exchange (NYSE) this afternoon, last seen up 17.6% to trade at $84.69, as it looks to add to its 71.9% year-over-year lead.
Amid ongoing volatility in the crypto world, analysts are hitting Silvergate Capital Corp (NYSE:SI) with a barrage of bear notes. J.P. Morgan Securities downgraded the shares to "neutral" from "overweight" and cut its price target to $14, while no less than seven brokerages issued similar notes. In the last 12 months, Silvergate stock is down 91.4%.


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