Investors have services and manufacturing data to unpack
Stocks are volatile on triple witching Friday, with the three major indexes flipping back and forth between positive and negative territory. At last look, the Dow Jones Industrial Average (DJI) was just above fair value, while the S&P 500 Index (SPX) and Nasdaq Composite Index (IXIC) were modestly below it, as investors digest economic data.
The S&P flash services PMI for June grew at its fastest pace in two years, rising to a 26-month high of 55.1 compared to May's reading of 54.8, while the flash manufacturing PMI rose to a three-month high of 51.7. Meanwhile, home sales fell for the third-straight month, though home prices hit all-time highs.
Continue reading for more on today's market, including:
- Palantir Technologies stock hit with double downgrade.
- Smith & Wesson stock headed for worst day since 2022.
- Plus, bulls blast GILD; biotech stock surges on FDA approval; and BNED hits record low.
Options bulls are targeting Gilead Sciences Inc (NASDAQ:GILD) today, after the company said a late-stage drug trial of its HIV treatment was successful. So far, 42,000 calls have been exchanged, which is seven times the average daily options volume. The June 72 call is the most popular contract, with positions being bought to open there. At last look, GILD was up 2% at $69.88, though it's still down 13.6% since the start of the year.
Sarepta Therapeutics Inc (NASDAQ:SRPT) is up 35.9% to trade at $167.77 at last check, on track for its largest single-day percentage gain since September 2016. This comes after the Food & Drug Administration (FDA) expanded approval of the biotech company's gene therapy for Duchenne muscular dystrophy, Elevidys. No fewer than eight analysts lifted their price targets in response. Trading at its highest level since January 2021, SRPT is up 74.4% so far this year.
Barnes & Noble Education Inc (NYSE:BNED) is down 2.2% to trade at $6.37at last glance, and hitting a record lows. Though the catalyst behind today's slide is unknown, BNED has finished only one day higher since the start of June, and moved lower after the company announced a reverse stock split and new CEO earlier this month. BNED carries a 95.8% year-to-date deficit.