Stocks Choppy Amid Renewed Recession Buzz

The S&P 500 and Nasdaq are still firmly lower

Deputy Editor
Apr 10, 2023 at 11:57 AM
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The Dow Jones Industrial Average (DJI) is flat midday, but has brushed off steep premarket losses, as investors weigh looming recession concerns. The S&P 500 Index (SPX) and Nasdaq Composite Index (IXIC) are a little more sluggish, but both indexes are up off their session lows, at last check. 

Wholesale inventories in February rose 0.1%, smaller than the anticipated 0.2% increase and down from the previous month's 0.4% rise. Meanwhile, oil prices are moving lower after last week's surge, with May-dated crude last seen off by 0.5% at $80.33 per barrel. 

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

  • Samsung's production cut boosts semiconductor stock
  • Block stock gets rare downgrade. 
  • Plus, options traders target HPQ; ELOX surges; and AUDC hits 3-year lows. 

mmc April10

Options bulls are targeting HP Inc (NYSE:HPQ) relentlessly today, with volume running at 19 times the intraday average. At last check, there have been 31,000 calls exchanged so far in comparison to just 1,230 puts. The weekly 4/14 30-strike call is the most popular by far, with new positions opening. The spike could be connected to  Apple's (AAPL) 40% plunge in shipments, which was lower than its peers. HPQ is up 1.3% at $29.66 at last check. 

Eloxx Pharmaceuticals Inc (NASDAQ:ELOX) is up 23% at $6.94, after the company's slightly narrower-than-expected fiscal fourth-quarter losses $2.92 per share. The biotech name also announced its current cash position, which will sufficiently fund operations into the third quarter. Breaking above its 160-day moving average, the stock is looking to extend last week's 124.7% weekly gain, though the equity is still down 66% year-over-year.  

Elox April10

Meanwhile, the shares of AudioCodes Ltd (NASDAQ:AUDC) are down 18.7% at $11.67 and on the short sell restricted (SSR) list, after the software publisher lowered its first-quarter guidance. This drop has AUDC at its lowest level in three years, and breaking below recent support at the $14 level. 

 

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