Crude prices have dropped back below $90 per barrel
The Dow Jones Industrial Average (DJI) and Nasdaq Composite (IXIC) are boasting triple-digit midday leads, building on yesterday's dramatic turnaround as oil prices drop back below $90 per barrel. The S&P 500 Index (SPX) is also higher, as investors buy into optimistic rhetoric from President Trump and Defense Secretary Pete Hegseth that the conflict in Iran is nearing an end. Despite the rebound today, a Group of Seven nations virtual meeting to discuss a potential release of strategic oil reserves did not yield a decision, putting more pressure on short-term supply disruption.
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- Plus, BNTX under pressure; pharma stock collecting bull notes; and CNC plummets.
BioNTech SE (NASDAQ:BNTX) stock is attracting unusual options activity today, with 1,956 calls and 4,353 puts exchanged so far, volume that's 36 times the volume typically seen at this point. The most active contract is the June 80 put, followed by the weekly 3/13 90-strike call, with new positions being sold to open at both. BNTX was last seen down 20.8% to trade at $80.94, on track for its worst day since March 2020, after the firm reported worse-than-expected losses and revenue in the third quarter amid plummeting Covid-19 vaccine sales . Earlier hitting its lowest level since August 2024, BNTX carries a 23.6% year-over-year deficit.
Vertex Pharmaceuticals Inc(NASDAQ:VRTX) stock is among the SPX leaders today, last seen 8.9% higher at $501.97, after the pharma company announced a drug designed to treat a chronic condition that can lead to kidney failure met the goals of a late-stage trial. Jefferies initiated coverage of VRTX with a "buy" rating and set its price target at $580, with five other analysts hiking their price objectives as well. VRTX is now pacing for its best day since 2023, and trading at its highest level since April. In the last six months, the equity has added over 26%.
Centene Corp (NYSE:CNC) stock is at the bottom of the SPX, down 12% to trade at $38.14 at last check. Today's bear note came after the healthcare giant reaffirmed its 2026 outlook at the Barclays 28th Annual Global Healthcare Conference. While CNC is trading at its lowest level since February, support at the 160-day moving average looks ready to contain today's losses, after stopping a pullback last month. Longer term, the equity is down 35% in the last 12 months.
