Stocks Higher Midday; VIX Looks to Snap Losing Streak

Investors are hopeful as regional bank stocks recover

Deputy Editor
Mar 30, 2023 at 11:47 AM
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Wall Street is higher this afternoon, as investors react to rising regional bank stocks and digest the latest jobs data. The Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) sport modest midday gains, while the Nasdaq Composite Index (IXIC) sports a triple-digit lead. Meanwhile, the Cboe Volatility Index (VIX) is on track to snap a four-day losing streak.

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

  • Analyst thinks blue-chip retailer will regain its market share.
  • EVgo's Q4 revenue win is attracting bullish options traders.
  • Plus, Activision Blizzard and Microsoft merger update; Sprinklr's quarterly report; and bank stock extends fall.

Midday Market Stats March 302023

As questions swirl concerning the merger between Microsoft (MSFT) and Activision Blizzard Inc (NASDAQ:ATVI), ATVI is seeing an increase in bearish options activity. Even after the Japan Fair Trade Commission yesterday said a merger will not harm competition, put volume is running at triple the intraday average amount, with the most activity taking place at the January 19, 2024 85-strike put. The stock was last seen 0.5% higher to trade at $84.99. A recent bull gap on the charts put the equity at its highest level since January 2022, and back above its year-to-date and year-over-year breakeven levels.

Sprinklr Inc (NASDAQ:CXM) is 15.4% higher this afternoon and reeling in bull notes, after the software concern yesterday reported better-than-expected fourth-quarter earnings and revenue as well as strong guidance. Last seen trading at $12.56, CXM now stands at its highest level since August, boasts a 54.7% year-to-date lead, and just gapped above its 320-day moving average.

CXM March 302023

Elsewhere, Silvergate Capital Corp (NASDAQ:SI) was last seen down 7.3% at $1.71, as the embattled bank continues to deal with the recent sector fallout and a dip in Bitcoin (BTC). The shares, which are firmly in penny-stock territory, now stand nearly 100% lower over the last 12 months.


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