Wall Street Mixed as Default Showdown Drags On

The Nasdaq sports a healthy midday lead

Deputy Editor
May 22, 2023 at 11:41 AM
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Wall Street is choppy once more midday, as U.S. President Joe Biden and House Speaker Kevin McCarthy prepare to meet at 5:30 p.m. ET to discuss the debt ceiling. Fresh off its best week of the month, the Dow Jones Industrial Average (DJI) sits in the red, the S&P 500 Index (SPX) is flat, and the Nasdaq Composite Index (IXIC) is comfortably higher. 

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

  • Analyst cheers DraftKings stock revival.
  • Why this pharmaceutical stock is at record lows.
  • Plus, Nio pops; pharma company meets trial goal; and COCO's largest shareholder moves to sell.

Midday Market Stats May 222023

U.S. listed shares of Chinese companies are surging today, after the People's Bank of China left 1- and 5-year loan prime rates unchanged. Electric vehicle (EV) stock Nio Inc (NYSE:NIO) is no exception, last seen up 8.6% at $8.76. Already today, more than 121,000 bullish bets have exchanged hands, volume that's quadruple the intraday average amount. The two most popular positions, the weekly 5/26 9-strike and 8.50-strike calls, respectively, are seeing new positions opening at the moment. Nio stock just reclaimed support from its 30-day moving average, but is still saddled with a 17.3% year-to-date deficit.

NIO Chart May 222023

Hepion Pharmaceuticals Inc (NASDAQ:HEPA) is up 8.9% at $12.51 at last glance, standing near the top of the Nasdaq after the company's fatty liver disease treatment met its main goal in a mid-stage trial. Year-to-date, HEP is up 111.7%.

Conversely, Vita Coco Company Inc (NASDAQ:COCO) is down 8.6% at $22.31 today, after Verlinvest Beverages -- Vita Coco's largest shareholder shareholder -- plans to offer 4.5 million shares of the company. Despite today's dip, COCO stock is still 30.8% higher in 2023.

 

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