Dow Up Triple Digits After Bank Stress Test, GDP Revision

An upward quarterly GDP revision is boosting the market

Deputy Editor
Jun 29, 2023 at 11:53 AM
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The Dow Jones Industrial Average (DJI) is up 194 points midday, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) move cautiously higher. Several big bank names are enjoying tailwinds after passing the Federal Reserve's annual stress test, while investors continue to unpack GDP and jobless claims data. Meanwhile, oil prices are on the rise after domestic crude inventories dropped by 9.6 million barrels last week. 

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

  • Behind Walt Disney stock's downgrade. 
  • Semiconductor stock brushing off upbeat report
  • Plus, options traders eye BB's post-earnings pop; FREY jumps on upgrade; and BTAI hits multi-year lows. 

MMC June29

BlackBerry Ltd (NYSE:BB) is up 10.4% at $5.58 after the company's surprise first-quarter profit, despite a couple price-target cuts. Options traders are chiming in as well, with 51,000 calls and 8,940 puts exchanged so far, which is six times the average daily volume. The weekly 6/30 5.50-strike call is the most active contract, with new positions being bought to open there. The stock earlier moved firmly above pressure at the $5.50 level, though the shares are now wavering around it. 

BB June29

FREYR Battery SA (NYSE:FREY) is up 21.2% to trade at $9.15 at last glance, after Morgan Stanley upgraded the security to "overweight" from "equal weight," citing the company's progress in commercial milestones, including initial battery production and first cell deliveries that could lead to funding events. Year-to-date, the equity is up 4.5%. 

BioXcel Therapeutics Inc (NASDAQ:BTAI) is at the bottom of the Nasdaq today, down 62.6% to trade at $6.61 at last check. The biotech name flagged issues at a trial site for its Alzheimer's-related drug, BXCL501. Gapping to its lowest levels since December 2019, BTAI is down nearly 69% since the start of the year. 



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