Stocks Pull Back Slightly, Maintain Rebound

The 2-year Treasury yield earlier jumped to its highest level since 2007

Deputy Editor
Feb 27, 2023 at 11:54 AM
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Stocks are firmly higher midday, though they have pulled back a bit from premarket gains. Wall Street is unpacking durable goods orders, while keeping an eye on the 2-year Treasury yield, which earlier surged to its highest level since 2007. The Dow Jones Industrial Average (DJI) is up 120 points at last glance, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) also sport solid gains.

  • Why Union Pacific stock is surging today.   
  • Best Buy stock downgraded on high inflation.
  • Plus, options traders blast FUBO; EV stock soaring; and MANU kicked lower.

MMC Feb27

Options traders are targeting plummeting FuboTV Inc (NYSE:FUBO) after the company's mixed fourth-quarter results and downbeat 2023 forecast. So far, 31,000 calls and 47,000 puts have crossed the tape, with options volume running at five times the intraday average. The March 2 put is the most popular, with new positions opening there. FUBO is still seeing pressure at the 200-day moving average, which rejected its early-February rally. At last glance, FUBO was down 11.9% at $2.05. 

The New York Stock Exchange's (NYSE) Fisker Inc (NYSE:FSR) is up 33.3% to trade at $7.57 at last check, despite the electric vehicle (EV) company's worst-than-expected fourth-quarter results, as rising orders boost the shares. The EV sector is also seeing tailwinds from Li Auto (LI) today. Year-over-year, FSR is down 35.7%, with long-term pressure coming from its 200-day moving average. 

FSR Feb27

Meanwhile, Manchester United PLC (NYSE:MANU) is down 11.8% at $20.18 at last look, and on the short sake restricted (SSR) list, following the Financial Times' weekend report that a higher offer is needed for the soccer club to agree to a sale. Year-over-year, the equity is still up 50.8%. 

 

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