A softer-than-expected inflation reading is fueling Wall Street's rebound
Wall Street is tearing higher today, the Dow Jones Industrial Average (DJI) up more than 559 points and pacing for its third-straight win following a better-than-expected inflation reading. Meanwhile, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also significantly higher midday, while the Cboe Volatility Index (VIX) tumbles to its lowest level since mid-September.
Continue reading for more on today's market, including:
Options traders are responding to third-quarter figures from Fisker Inc (NYSE:FSR). At the session's halfway point, more than 43,000 calls and 28,000 puts have exchanged hands, or four times the average intraday volume. Most popular is the November 3.50 call, followed by the weekly 11/24 4-strike call where new positions are being opened. Fisker stock touched an all-time low today, after the electric vehicle (EV) startup earned multiple price-target cuts following third-quarter losses and that missed analysts expectations by a wide margin. The company also cut its production forecast. Year over year, FSR is down 62.1%.
Paysafe Ltd (NYSE:PSFE) stock is today's best performer on the New York Stock Exchange (NYSE) so far, despite the fintech company posting a third-quarter loss. PSFE is brushing off a revenue miss, too, and was last seen up nearly 18% at $12.59. Still, Paysafe stock is down 6.1% year to date.
Near the bottom of the NYSE this afternoon is Sea Ltd (NYSE:SE), last seen down 17.1% at $38.18. The software firm reported adjusted losses of 26 cents per share for the third quarter, much lower than Wall Street's expectations of a 3 cent per share gain. The equity was already struggling this year, and just crossed below its year-over-year breakeven mark.