Inflation, Economic Data Weighs on Wall Street

Import price fell more than economists anticipated

Deputy Editor
Nov 16, 2023 at 12:06 PM
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Wall Street's rally is on hiatus, as investors parse a deluge of economic data that was released before the market's open. What's more, data showed October's import prices fell 0.8% -- more than the 0.3% economists anticipated. The Dow Jones Industrial Average (DJI) is on pace to snap its four-day win streak, down 76 points this afternoon, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also in the red.

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

  • Behind Goodyear Tire stock's bull note.
  • Gloomy forecast weighs on tech stock.
  • Plus, Palo Alto's options surge; UTI's post-earnings pop; and Alibaba's cancellation. 

Midday Market Stats November 162023

Palo Alto Networks Inc (NASDAQ:PANW) is seeing an uptick in options activity following a mixed quarterly report. While the security software company reported better-than-expected earnings and revenue for the third quarter, its billings fell well short of expectations. In response, 84,000 calls and 78,000 puts have exchanged hands, which is eight times the intraday average amount. New positions are opening at the two most popular contracts, the respective November 235 and 237.50 puts. At last glance, PANW was down 5.7% at $241.56, as it pulls further away from its Oct. 13 record high of $265.90.

PANW MMC Chart November 162023

Universal Technical Institue, Inc. (NYSE:UTI) stock today's best performers on the New York Stock Exchange (NYSE) so far, after the it was hit with at least two post-earnings price-target hikes. Last seen 15.4% higher at $11.19, UTI is up nearly 41% in 2023. 

Meanwhile, U.S.-listed shares of Chinese tech name Alibaba Group Holding Ltd (NYSE:BABA) are near the bottom of the NYSE. The security was down 8.4% at $79.78 at last glance, following plans to cancel its highly-anticipated cloud spinoff. Though maintaining a marginal year-over-year lead, BABA is now nearly 10% lower year to date.

 

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