Dow Up Triple Digits as Consumer Confidence Increases

The blue-chip benchmark is looking to break out of its extended slump

Deputy Editor
Jun 27, 2023 at 12:11 PM
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Stocks are on the rise this afternoon, with the Dow Jones Industrial Average (DJI) up triple digits as it looks to snap a six-day losing streak. Durable goods orders showed an unexpected jump for May, as did new home sales, while home prices posted a smaller-than-anticipated year-over-year drop and monthly gain in April.

Meanwhile, consumer confidence increased to 109.7 in June -- its highest reading since January 2022 -- which was above estimates of 104 and the previous month's reading of 102.5. 

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

  • Obesity drug trial data boosts Eli Lilly stock.
  • Why Enovix stock is surging today. 
  • Plus, RAD hits record lows; ASTC surges on buyout offer; and ACET bombarded with bear notes.

MMC June27

Rite Aid Corp (NYSE:RAD) is seeing six times its usual daily options volume so far today, with most activity at the June 2024 3-strike call. RAD is down 10.8% at $1.61 at last glance, and trading at brand new record lows. A disappointing full-year forecast from Walgreens Boots Alliance (WBA) is weighing on shares. Since the start of 2023, Rite Aid stock is down 51.6%. 

Astrotech Corp (NASDAQ:ASTC) is 14% to trade at $12.99 at last check, after BML Investment Partners' Braden Leonard offered to buy the company for $17.25 per share. The stock is grappling with its 320-day moving for the first time since April 2021. Year-to-date, the equity is up 29.2%. 

ASTC June27

Adicet Bio Inc (NASDAQ:ACET) is at the bottom of the Nasdaq today, down 52.3% at $2.23 at last glance, and earlier hitting a record low of $2.08. The company just shared data from a phase 1 study for its non-Hodgkin's lymphoma treatment, and while results seemed positive, ACET saw no fewer than four price-target cuts. Year-to-date, the stock is down roughly 75%. 

 

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