EARN25

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
facebook X logo linkedin


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.

 

You Don’t Need 25 Alerts -- You Need ONE You Can Trust!

That’s the idea behind Trade of the Week, Schaeffer’s newest trade alert.

Every Monday morning before the opening bell, you’ll receive a single, expertly researched trade recommendation -- built from the same proprietary research we’ve been using for over four decades.

It’s not just a signal.

It’s a plan designed for traders who are tired of jumping from alert to alert without ever finding their edge.

No juggling alerts. No switching directions mid-week. Just one clear, expertly researched trade idea -- delivered before the market even opens.

👉 JOIN RIGHT NOW FOR JUST $1 TO GET THE NEXT TRADE!