S&P 500 Slips Below Breakeven, Eyeing 5th-Straight Loss

Investors are still unpacking jobs and GDP data

Deputy Editor
Feb 23, 2023 at 11:54 AM
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The major indexes are lower midday, with the S&P 500 Index (SPX) just below breakeven and on track for its fifth-straight daily loss. Investors are still unpacking this morning's jobs data, as well as the gross domestic product (GDP) revision. Meanwhile, the Energy Information Administration (EIA) reported a weekly climb of 7.6 million barrels in U.S. crude supplies. 

  • Why Nvidia stock is surging today. 
  • Intel stock nabbed a rare upgrade.
  • Plus, options traders eye falling TDOC; AMAM looks to extend win streak; and BAND plummet after earnings. 

MMC Febr23

Options traders are targeting Teladoc Health Inc (NYSE:TDOC), with 22,000 calls and 15,000 puts across the tape so far, which is five times the intraday average amount. The March 17 call is the most active, followed by the April 22.50 call. TDOC is down 13.3% at $25.52 at last glance, after its mixed fourth-quarter results and dismal forecast. The stock is brushing off SVB Securities' upgrade to "outperform" from "market perform," as at least three analysts cut their price targets. On the charts, the $34 region has been a consistent line of pressure over the last few months. 

TDOC Feb23

The New York Stock Exhange's (NYSE) Ambrx Biopharma Inc (NYSE:AMAM) is up 33.6% to trade at $6.01 at last glance, after the company's prostate cancer drug showed promise in an early-stage trial. Now pacing for its eighth-straight day of gains, MAM is up 174% since the start of the year.  

Meanwhile, Bandwidth Inc (NASDAQ:BAND) is down 23% at $18.34, despite the company's strong fourth-quarter results. Earlier trading as low as $17, BAND hit its lowest level since November. Year-to-date, the equity is down more than 23%. 

 

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