Stocks Mixed Ahead of Fed Policy Decision

The ISM services index came in at 51.9 in April

Deputy Editor
May 3, 2023 at 12:05 PM
facebook X logo linkedin


Stocks are mixed this afternoon, albeit muted, as investors await the conclusion of the Fed's two-day policy meeting, due out at 2 p.m. ET, in which a rate hike is widely anticipated. Fed Chair Jerome Powell is also scheduled to hold a news conference at 2:30 p.m. In the meantime, the ISM services purchasing managers' index (PMI) came in at 51.9 for April, which was roughly in line with analyst expectations. Private payrolls data came in at a surprise 296,000 for April, vs. an expected 133,000.

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

  • Why Starbucks stock is slipping despite strong results. 
  • Biogen stock boosted to 2-year highs
  • Plus, CHGG rebounds; IMGN soars on trial data; and EL drops on forecast. 

mmc may3

Options traders are targeting Chegg Inc (NYSE:CHGG) today, as the stock recovers some of yesterday's steep losses. So far, 31,000 calls and 15,000 puts have crossed the tape, which is already 9.6 times the average daily volume. The May 10 call is the most popular, with new positions being bought to open there. At last check, CHGG was up 16.7% at $10.59. 

ImmunoGen Inc (NASDAQ:IMGN) is at the top of the Nasdaq Composite Index (IXIC) today, after very strong trial data from a study of its experimental ovarian cancer drug candidate, Elahere. Piper Sandler upgraded the stock to "overweight" from "neutral," with a price-target hike to $16 from $6 after the news. IMGN is up 145.2% at $12.75 at last glance, and earlier hit a five-year high of $13.30. Since the start of the quarter, the stock is up 230.5%. 

IMGN May3

Estee Lauder Companies Inc (NYSE:EL) is down 18.4% at $199.93 at last glance, after the company's disappointing 2023 forecast, following mixed fiscal third-quarter results. On the short sell restricted (SSR) list today, EL is down 19.8% year-to-date. 

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI