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
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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.


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