Stocks Mixed Before Anticipated Rate-Hike Pause

This morning's producer price index (PPI) data is still in focus

Deputy Editor
Jun 14, 2023 at 12:09 PM
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Investors are still unpacking another batch of encouraging inflation data ahead of the Federal Reserve's interest rate decision later today. Though a pause in rate increases is widely anticipated, stocks are mixed midday, with the Dow Jones Industrial Average (DJI) down 82 points, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are higher. It's worth noting that, per MarketWatch, stocks fell after five of the last six Fed decision days.

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

  • UnitedHealth Group warnings drag sector. 
  • Meta Platforms stock received two price-target hikes
  • Plus, call traders target NEXT; and 2 stocks at opposite ends of the Nasdaq today.

MMC June14

Options bulls are blasting NextDecade Corp (NASDAQ:NEXT) today, after news that TotalEnergies (TTE) is acquiring a 17.5% stake in the company for $219 million. So far, 18,000 calls have been exchanged, which is 20 times the amount typically seen at this point. The June 7.50 call is the most active contract, expiring at the end of this week. At last check, NEXT was up 36.7% at $7.01, and earlier broke above pressure at the $7.50 level to trade as high as $7.84.

NEXT June14

WeTrade Group Inc (NASDAQ:WETG) is at the top of the Nasdaq today, up 83.8% at $15.51 at last glance, though still down over 76% year-to-date. The company yesterday announced a 1-for-185 reverse stock split, and today launched a large-scale language processing model generated by artificial intelligence (AI). 

On the other hand, Cineverse Corp (NASDAQ:CNVS) is at the bottom of the tech-heavy benchmark, after announcing the pricing of an $8 million public offering. CNVS is down 36.2% to trade at $2.27 at last glance, and on track for its seventh-straight day of losses. The shares broke into penny stock territory last week, and hit a record low of $2.20 earlier today. 

 

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