Oil prices are on the rise after their best week since April
Stocks are attempting to break away from last week's rut, with the Dow Jones Industrial Average (DJI) last seen up 111 points, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are both near breakeven. Wall Street is looking ahead to a slew of inflation data later this week, as well as quarterly earnings reports from some major bank names. Elsewhere, oil prices are modestly higher after notching their best week since April.
Continue reading for more on today's market, including:
- Bullish coverage props up Wall Street newbie.
- Can Iovance's therapy get accelerated approval?
- Plus, call traders swarm SAVE; Carvana stock surging; and FMC eyeing worst day since March 2020.
Spirit Airlines Inc (NYSE:SAVE) is seeing unusual options activity today, with 15,000 calls and 5,438 puts exchanged, or 13 times the intraday average volume. Most popular is the July 20 call, where new positions are opening. SAVE is up 4.4% at $19.42 at last check, after JetBlue (JBLU) said it would focus on acquiring the latter after a judge ordered it to end its partnership with American Airlines (AAL). Year-over-year, the stock is still down over 19%.
Carvana Co (NYSE:CVNA) is toward the top of the New York Stock Exchange (NYSE), last seen up 11.3% at $32.78. While there's no clear catalyst driving today's bull gap, the stock earlier notched a fresh 2023 high of $32.89, with support stemming from its 40-day moving average since early May. Year-to-date, CVNA is up a whopping 595%.
FMC Corp (NYSE:FMC) is sinking today, down 12.3% to trade at $91.48 at last glance. The agricultural products company earlier lowered its 2023 revenue and fiscal second-quarter forecasts, amid significant reductions in channel inventory. The stock is today pacing for its worst single-day percentage drop since March 2020, and now carries a 27.2% year-to-date deficit.