The government avoided a shutdown over the weekend
The upbeat sentiment that took over after the U.S. Congress avoided a shutdown over the weekend has waned, with stocks mixed at midday as the fourth quarter kicks off. The Dow Jones Industrial Average (DJIA) is down triple digits, the S&P 500 (SPX) is flat, and the Nasdaq Composite (IXIC) boasts a solid lead. The Institute for Supply Management (ISM) manufacturing index rose to a reading 49 in September, pointing to modest growth.
Continue reading for more on today's market, including:
Nextera Energy Partners LP (NYSE:NEP) stock is down 12.5% to trade at $12.98 at last check, hitting multi-year lows, after a downgrade from Wells Fargo to "equal weight," with a price-target cut to $33 from $80. Options traders are chiming in, with 8,226 calls and 6,261 puts traded so far, which is eight times the intraday average volume. The November 40 call is the most active, followed by the October 30 call, with positions being opened at the latter. Since the start of the year, the equity is down 62%.
Bitcoin mining name Riot Platforms Inc (NASDAQ:RIOT) is up 10% at $10.27 at last check, as the stock gets a boost from Bitcoin's (BTC) rise to six-week highs. Bouncing off a solid floor of support at the $9 level, the equity is up an impressive 207.4% since the start of 2023.
The New York Stock Exchange's (NYSE) Arch Resources Inc (NYSE:ARCH) is down 11.7% at $150.76 at last glance, after the company lowered its 2023 outlook for coking coal (or metallurgical coal) sales. This pullback has the stock falling further from a Sept. 28 record high of $175.10, though its 40-day moving average appears to be keeping losses in check. Since the start of 2023, the equity is up 12.7%.
