Stocks Drifting Lower, Another Losing Week in Focus

The S&P 500 Index and Dow are heading for their second-straight weekly loss

Deputy Editor
May 12, 2023 at 11:26 AM
facebook X logo linkedin

Wall Street is paring a promising premarket lead, and the Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) are heading for their second-straight weekly loss. The Nasdaq Composite Index (IXIC), while lower this afternoon, is pacing for a third-straight winning week.

Declining regional bank stocks continue to dent investor sentiment, and consumer sentiment isn't faring much better. The University of Michigan's consumer sentiment index marked a drop to 57.7 against economists' expectations of 63, while the five-year inflation expectations rose to a nearly 15-year high.

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

Midday Market Stats May 122023

Put traders are targeting Medical Properties Trust Inc (NYSE:MPW), as the real estate investment trust (REIT) faces a class action lawsuit alleging the company misled investors. Already today, 37,000 bearish bets have crossed the tape, which is four times the volume typically seen at this point. Most popular is the May 8 put, while new positions are opening at the weekly 5/12 8-strike put. The stock was last seen 6.8% lower at $7.84, falling below a recent floor at the $8 level and adding to a more than 55% year-over-year deficit.

MPW Chart May 122023

Blue Bird Corp (NASDAQ:BLBD) is trading near the top of the Nasdaq, after the school bus maker reported better-than-expected fiscal second-quarter results and an upbeat annual forecasts. Analysts are excited too, with Craig-Hallum and D.A. Davidson hiking their price targets on the stock. Last seen up 38.6% to trade at $26.78, BLBD now sports a 152.6% year-to-date lead.

One of the most shorted stocks on Wall Street, Carvana Co (NYSE:CVNA) is trading near the bottom of the New York Stock Exchange (NYSE). The equity was last seen down 6.9% to trade $11.13, even after Jefferies yesterday hiked its price target on CVNA to $11 from $9. Year-over-year, Carvana stock is down 70% but its up more than 136% in 2023.


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 calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI