Big Tech, Nasdaq Rally as Dow Chops

Will U.S. leaders flesh out a debt ceiling agreement by the end of the week?

Deputy Editor
May 18, 2023 at 11:44 AM
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Wall Street is once more struggling for direction midday, with debt ceiling negotiations and jobless claims data at the forefront of news. The tech-heavy Nasdaq Composite Index (IXIC) is up triple digits on rising Big Tech and semiconductor stocks, while Walmart (WMT) earnings are trying to keep the Dow Jones Industrial Average (DJI) above breakeven.

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

  • What today's earnings mean for Walmart stock.
  • Why analysts are bullish on this chip stock
  • Plus, Netflix's ad tier buzz, and two earnings reports to unpack.

Midday Market Stats May 182023

Netflix Inc (NASDAQ:NFLX) options are flying off the shelves today, after the streaming provider announced its ad tier logged 5 million monthly active users six months after its debut. In response, 216,000 calls and 115,000 puts have crossed the tape, volume that's five times the average intraday amount. New positions are being opened at the May 360 call. Rosenblatt Securities hiked its price target on NFLX to $358, with the stock last seen up 7.4% to trade at $365.12. Year-over-year, the equity is up 106.1%.

NFLX Chart May 182023

Bath & Body Works Inc (NYSE:BBWI) is up 7.1% this afternoon to trade at $36.43, after the retailer posted better-than-expected first-quarter earnings and revenue, alongside a raised full-year earnings guidance. Now trading near the top of the New York Stock Exchange (NYSE), BBWI is down 13.7% in the last 12 months. 

At the other end of the NYSE, Bowlero Corp (NYSE:BOWL) is down 18% at $11.54 today, even after the company's fiscal third-quarter earnings fell just below analysts' estimates. Today's drop dragged BOWL below its year-to-date breakeven mark, now down 14% in 2023.

 

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