Wall Street Mixed as May Gets Underway

The Dow is higher, but the S&P 500 and Nasdaq are struggling for direction

Deputy Editor
May 1, 2023 at 11:56 AM
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Stocks are a mixed bag midday. While the Dow Jones Industrial Average (DJI) is up double-digits, the S&P 500 Index (SPX) sits flat and the Nasdaq Composite (IXIC) sports a modest deficit. Investors are cautiously eyeing the bank sector in the wake of JPMorgan Chase's (JPM) deal with failing First Republic Bank (FRC). There's also economic data to unpack, after the U.S. ISM manufacturing purchasing managers' index (PMI) came in at 47.1% for April. 

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

  • Options bulls blast Sofi Technologies after earnings. 
  • General Motors stock reclaims key level.
  • Plus, NCLH's new forecast; MDWT soars on buyout; and VLY drops on downgrade. 

Midday market check May 1

Options traders are targeting Norwegian Cruise Line Holdings Ltd (NYSE:NCLH), after the company lifted its annual profit forecast. So far, 35,000 calls and 16,000 puts have crossed the tape, which is five times the intraday average volume. The weekly 5/5 14-strike call is the most popular by far, with new positions opening there. At last glance, NCLH was up 6.9% at $14.27, with today's rally connecting the shares with their overhead 200-day moving average. 

NCLH May1

Midwest Holding Inc (NASDAQ:MDWT) is up 90% to trade at $26.00, after news that the finance name will be acquired by Antarctica Capital for $27 per share. To follow, Piper Sandler raised its price target to $27 from $15. Now trading at its highest level in over one year, MDWT is up 103.9% year-to-date. 

Valley National Bancorp (NASDAQ:VLY) is down 14.6% to trade at $8.01 amid today's bank buzz, after Raymond James downgraded the shares to "market perform" from "strong buy." J.P. Morgan Securities also threw in a price-target hike to $10 from $9, however. Year-to-date, the equity is down 13% 

 

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