Today's PPI reading was better than expected
Stocks were unable to build on premarket gains, despite an upbeat producer price index that showed inflation continuing to recede. In addition, the National Retail Federation (NRF) released data that showed holiday sales fell short of industry estimates, after growing just 5.3% year-over-year compared to predictions between 6% and 8%. At last check, the Dow Jones Industrial Average (DJI) is down triple digits, while the Nasdaq Composite (IXIC) and S&P 500 Index (SPX) are also in the red.
Continue reading for more on today's market, including:
- Party City files for Chapter 11 bankruptcy.
- Moderna stock surges on vaccine trial data.
- Plus, Rocket stock calls pop; energy company raises revenue forecast; and Chegg's bear note.
Rocket Companies Inc (NYSE:RKT) is up 3.1% to trade at $8.60 at last check and call traders are getting in on the fun. Halfway through the session, more than 23,000 calls have crossed the tape, volume that's seven times the average intraday rate. New positions are being opened at the January 8.99 call, the most popular contract today by far. Year-over-year, Rocket Companies stock is down 28.4%.
Energy Vault Holdings Inc (NYSE:NRGV) is near the top of the New York Stock Exchange (NYSE), after the energy storage solution provider raised its 2022 revenue forecast. The shares were last seen 50% higher to trade at $5.34, and now sport a 92.2% lead over the last month.
On the other end of the NYSE, Chegg Inc (NYSE:CHGG) is down 12% to trade at $21.52, following a bear note from Needham. The analyst cut its rating on Chegg stock to "hold" from "buy," after warnings that consensus marks are too high on the shares. In the last 12 months, CHGG is 21.8% lower.