Stocks Reverse Gains Ahead of Slew of Inflation Data

Key economic indicators are due out later this week

Deputy Editor
May 8, 2023 at 11:58 AM
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Stocks are lower this afternoon, as investors await a deluge of inflation data amid a rally for the banking sector. At last check, the Dow Jones Industrial Average (DJI) is off 81 points, while the Nasdaq Composite Index (IXIC) and S&P 500 Index (SPX) are more modestly lower. 

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

  •  J.P. Morgan Securities is now bullish on this airline stock.
  • Warren Buffett clears the air on oil giant buyout rumors.
  • Plus, 3M puts popping; ANI Pharmaceuticals' beat-and-raise; and behind MARA's plummet.

Midday Market Stats May 82023

Put traders are blasting 3M Co (NYSE:MMM) today, as the blue-chip stock works lower, last seen down 1.4% at $101.85. Though there's no clear catalyst for the negative price action, 9,573 puts have been traded so far, or triple the intraday average amount. The most popular contract by far is the August 80 put. In the last 12 months, 3M stock has shed 31.8%.

MMM Chart May 82023

ANI Pharmaceuticals Inc (NASDAQ:ANIP) is up 12.5% to trade at $44.04 this afternoon, after the pharmaceutical concern beat first-quarter earnings and revenue estimates. In addition, the company lifted its 2023 forecast. Year-over-year, ANIP is 59.3% higher. 

Marathon Digital Holdings Inc (NASDAQ:MARA) is lower, after Binance halted Bitcoin (BTC) withdrawals for several hours today amid heavy volumes. The news is weighing on several cryptocurrency- and blockchain-related equities, with MARA was last seen down 8.7% at $9.57. Year-to-date, Marathon Digital stock is more than 180% higher.

 

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