Dow, Nasdaq Down Triple Digits as Fed Fatigue Weighs

Jobless claims were better than expected--good for the economy, bad for stocks

Deputy Editor
Jan 19, 2023 at 11:53 AM
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Following today's upbeat jobless claims readings, investors are once more questioning the direction of the stock market for 2023. Fears of more interest rate hikes, despite an improving U.S. economy, has all three major indexes heading modestly lower. The Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) are heading for a third-straight loss, with the former -- along with the Nasdaq Composite (IXIC) -- sporting triple-digit deficits. 

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

  • Bleak forecast halts aluminum stock surge.
  • How did the latest Dow stock do after earnings?
  • Plus, FIS takeover rumors; an upbeat Alzheimer's study; and Olink's public offering.

Midday Market Stats January 192023

Fidelity National Information Services Inc (NYSE:FIS) calls are flying off the shelves today, with more than 12,000 bullish bets have been picked up at last check. That volume is nine times the average intraday amount, with the most activity taking place at the January 70 call. FIS was last seen 1.6% higher at $70.76, following rumors that a strategic buyer is poised to acquire all or some of the company. Although up 3.8% in 2023, the shares have carved out a channel of lower lows in the last 12 months.

FIS Chart January 192023

Trading at the top of the Nasdaq today is Neurosense Therapeutics Ltd (NASDAQ:NRSN). The stock was last seen 87.2% higher at $2.34, after reporting positive final results from its Alzheimer's biomarker study. Today's pop puts NRSN more than 106% higher year-to-date.

Conversely, Olink Holding AB (publ) - ADR (NASDAQ:OLK) is trading near the bottom of the Nasdaq, after yesterday pricing its public offering of 5.8 million American depositary shares at $20 each. The stock was last seen at $20, off by 16.9% to add to its 21.3% year-to-date deficit.

 

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