Dow, S&P 500 Set for Best Weekly Win Run in Years

Cooler-than-expected inflation data is boosting optimism

Digital Content Manager
Dec 22, 2023 at 12:10 PM
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It's the last trading session before Christmas, and the major benchmarks are creeping higher all through Wall Street. The Dow Jones Industrial Average (DJI), S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are all above breakeven midday, and on track for eighth-straight weekly wins. Cooler-than-expected inflation data is contributing to optimism, as the SPX and DJI eye their longest streaks of positive weeks since 2017 and 2019, respectively.

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

  • High analyst praise boosts cryptocurrency stock.
  • Bulls drawn to Nike stock's post-earnings plummet.
  • Plus, $515 million deal boosts RKLB; MoneyLion stock's big roar; and steer clear of this volatile name.

MMC Stats 1122

Rocket Lab USA Inc (NASDAQ:RKLB) is seeing unusual options activity today, with 51,000 calls and 3,757 puts traded, volume that is 36 times what's typically seen at this point. Positions are being opened at the weekly 12/22 5.50-strike call, which is also the most popular contract. RKLB was last seen up 26.3% to trade at $5.60, blasting out of penny stock territory and on track to close above its 200-day moving average for only the second time since its September bear gap. Today's pop comes after a deal valued $515 million with the U.S. government to craft, deliver, and operate 18 space vehicles.

RKLB 200 Day

MoneyLion Inc(NYSE:ML) was up 13.9% at $64.06 at last check, near top of the New York Stock Exchange (NYSE). The catalyst behind today's positive price action remains unclear, but the security hit a fresh 52-week high of $64.61 earlier, and is on track for its best day since Nov. 14. So far in 2023, MoneyLion stock has added more than 241%.

Banyan Acquisition Corp(NYSE:BYN) is the worst stock on the NYSE, last seen down 32.5% at a record low $7.36. For no apparent reason, the equity is on track for its worst day since becoming publicly traded in 2022, though it just yesterday hit an all-time high of $11.88. BYN is down 22.1% this year.

 

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