Stocks Extend Gains as Oil Prices Rise

Wall Street is still riding last week's momentum

Digital Content Manager
Dec 26, 2023 at 11:59 AM
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The short sprint to the end of 2023 is off to a good start, with the Dow Jones Industrial Average (DJI), S&P 500 Index (SPX), and Nasdaq Composite (IXIC) all sporting solid gains this afternoon. Stocks are still riding last week's momentum, as oil prices rise amid conflict in the Middle East and the prospect of interest rate cuts next year.

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

  • Unpacking these 2 pharma name's acquisitions.
  • Billionaire takes minority stake in Manchester United.
  • Plus, NTES bounces back; buyout boosts RayzeBio stock; and shipping stock gaps lower.

MMC Stats 1126

NetEase Inc (NASDAQ:NTES) was last seen up 4.8% at $91.86, though the reason for today's pop remains unclear. So far today, 7,782 calls and 3,092 puts have already been exchanged, or nine times the intraday average volume. Most active is the January 2024 95-strike call, where positions are being opened. NTES is up 26.9% for 2023, despite a bear gap on Friday on the heels of China's proposed gaming rules, which pushed it to its lowest level since May, and below the 200-day moving average.

NTES 200 Day

RayzeBio Inc (NASDAQ:RYZB) is among the New York Stock Exchange's (NYSE) leaders today, last seen up 100.8% to trade at $61.39, after Bristol-Myers Squibb (BMY) bought the company for $4.1 billion for its cancer therapies. RYZB is earlier hit a record high of $62.10, and made its Wall Street debut in September with an initial public offering (IPO) price of $18 per share. The security is up 176.5% for this quarter.

ZIM Integrated Shipping Services Ltd (NYSE:ZIM) is at the bottom of the NYSE, last seen down 16% at $9.72. Though a catalyst for today's negative price action is not yet clear, threats in the Red Sea may be to blame. The security failed to conquer the $12 region last week, with pressure from the 180-day moving average staying in place all year. For 2023, ZIM is down more than 42%.


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