All three major indexes are lower midday
Stocks are swimming in red ink today, as Wall Street eyes President Donald Trump's trade negotiations and the start of the Federal Reserve's two-day policy meeting. The Dow Jones Industrial Average (DJI) is down 170 points, while the Nasdaq Composite Index (IXIC) sports a triple-digit loss as well. The S&P 500 Index (SPX) is modestly lower after snapping its impressive win streak yesterday.
Meanwhile, the U.S. international trade deficit widened by 14% in March, coming in at a seasonally adjusted $140.5 billion -- a new record high. Year over year, the trade deficit has doubled.
Continue reading for more on today's market, including:
- Palantir stock brushes off upbeat results.
- 2 pharma giants making big post-earnings moves.
- Plus, options bulls eye HIMS; FARO soars on buyout news; and TCMD downgraded.
Options bulls are targeting Hims & Hers Health Inc (NYSE:HIMS), with 251,000 calls and 171,000 puts exchanged so far -- 7 times the average daily options volume already. The weekly 5/9 45-strike call is the most active contract, with new positions being sold to open. At last glance, HIMS was up 10% at $46.08, heading for its fourth-straight win after upbeat first-quarter results.
FARO Technologies Inc (NASDAQ:FARO) is up 33.7% at $42.04, after news that AMETEK is acquiring the 3D product company for $44 per share in cash, or around $920 million. Gapping to three-year highs, FARO is up 66% year to date.
Medical equipment stock Tactile Systems Technology Inc (NASDAQ:TCMD) is down 30% at $9.76, after disappointing first-quarter results. Plus, Piper Sandler downgraded the stock to "neutral" from "overweight," with a price-target cut to $14 from $25. Trading at 52-week lows after dropping below former support at the $10 level, TCMD is down 43% in 2025, heading for its worst daily drop ever.