Stocks Extend Rally on Cooler-Than-Expected CPI Reading

Is today's data enough to sway the Federal Reserve?

Digital Content Manager
Jul 12, 2023 at 11:51 AM
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The Dow Jones Industrial Average (DJI) is 272 points higher at last check, after the the consumer price index (CPI) reading for June showed a narrower-than-expected 3% pop. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) also sport solid midday leads, as investors hope the data may push the Federal Reserve away from more interest rate hikes.

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

  • Why Beyond Meat stock is stretching its winning streak.
  • Analyst predicts more upside for Netflix stock.
  • Plus, options traders betting on LAZR; RXRX surges on AI investment; and pharma stock eyes worst day ever.

MMC Stats 0712

Luminar Technologies Inc (NASDAQ:LAZR) is seeing unusual options activity, with 61,000 and 12,000 puts exchanged so far today, which is 16 times the intraday average volume. Most popular is the weekly 7/14 7.50-strike call, where new positions are being opened. LAZR is up 9% at $7.97 at last check, and earlier surged to its highest trading level since late March. Year-to-date, the security is up 63%. 

Recursion Pharmaceuticals Inc (NASDAQ:RXRX) is up 57.7% to trade at $10.69 at last check. Today's massive bull gap came after news that Nvidia (NVDA) invested $50 million in the company to accelerate training of its artificial intelligence (AI) models for drug discovery. Shares earlier notched a fresh one-year high of $14.99, and sport a 44.2% lead for 2023.

Near the bottom of the Nasdaq is PainReform Ltd (NASDAQ:PRFX), last seen down 46.7% at $8.80. The company earlier priced its $2.7 million concurrent registered direct offering and private placement at $9 per share. The security scored a one-year high of $26.41 in the previous session and saw a 307.4% pop, but is now pacing for its worst day on record. PRFX is still up 126.1% this year, though.

PRFX Intraday

 

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