Stocks Extend Slump as Fed Fatigue Adds Pressure

Fed Chair Powell indicated more interest rate hikes are on the way

Managing Editor
Jun 21, 2023 at 11:56 AM
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Stocks are struggling once again today, as investors react skittishly to remarks from Federal Reserve Chair Jerome Powell about the future of interest rate hikes. The Dow Jones Industrial Average (DJI), S&P 500 Index (SPX), and Nasdaq Composite (IXIC) are all headed for their third-straight losses, with the tech-heavy latter off triple digits as the 10-year Treasury yield climbs. Oil prices are moving higher as well, with August-dated crude last seen 2.1% higher at $72.63 per barrel. 

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

  • Why call traders are swarming Spotify stock.
  • This EV stock rally has run out of battery.
  • Plus, options traders camp out; HAL rises with oil; and AI stock cools off. 

MMC Stats June 21

Camping World Holdings Inc (NYSE:CWH) is seeing increased options activity today. Last seen up 3.3% at $28.32, 3,040 calls have exchanged hands already today, volume that's double the average intraday amount. CWH is up 31.9% in 2023, and 51% higher off its March 24, three-year bottom of $18.69.

Halliburton Company (NYSE:HAL) stock is higher today, alongside other energy names. HAL was last seen up 3% to trade at $32.42, brushing off the broader market pullback. The security is off 18% in 2023, with its 200-day moving average containing June's more than 12% pop so far. 

MMC Stock Chart HAL

One of the worst stocks on the New York Stock Exchange (NYSE) is C3.ai Inc (NYSE:AI), down 10.9% to trade at $38.50 at last check. Although there's no specific catalyst, artificial intelligence (AI) names have had a transcendent year so far, so an overbought pullback could be exacerbating the slide today. Year-to-date, AI remains up 243%.

 

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