Stocks Losing Their Morning Momentum

Indexes are off their session highs, as sentiment churns ahead of inflation data this week

Managing Editor
May 13, 2024 at 11:58 AM
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Stocks were looking to build on their best week of 2024, but lost steam as investors grapple with inflation fears. The Dow Jones Industrial Average (DJIA) has given back gains all morning, and its nine-day winning streak is now in jeopardy. The S&P 500 Index (SPX) is muted and Nasdaq Composite (IXIC) have also pared losses off their session highs but are trading modestly higher. Ahead of pivotal inflation data later this week, the Cboe Volatility Index (VIX) is eyeing its first win of the month. 

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

MMC Stats May 13

SoFi Technologies Inc (NASDAQ:SOFI) is seeing ramped up options activity today. At last check, over 160,000 calls have changed hands, volume that's triple the average intraday amount and six times the number of puts traded. The May 7.50 strike that expires this week is the most popular, with new positions being bought to open. SOFI is 4% higher to trade at $7.23, although there's no specific catalyst. Year-to-date, the fintech stock is 27.4% lower. 

AMC Entertainment Holdings Inc (NYSE:AMC) stock is one of the best stocks on the New York Stock Exchange (NYSE) this morning, up 16.7% to trade at $3.39. The former meme stock is getting a boost after Reddit user Roaring Kitty -- of GameStop lore -- resurfaced with an X.com post. AMC has a lot of work to do to get back to its pandemic-era glory--the stock is down 44% in 2024 and 92.5% lower in the last 12 months. 

MMC Stock Chart AMC

Applied Materials, Inc. (NASDAQ:AMAT) stock is near the bottom of the SPX today, last seen down 1.2% to trade at $206.98 after a downgrade to "hold" from buy" at Jefferies. The analyst in coverage also trimmed its price target on the semiconductor supplier to $210 from $215, citing China exposure as a headwind going forward. AMAT hit a record high of $214.91 on March 21, but is still 28% higher in 2024 even after today's breather 

 

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