A back-and-forth session ultimately saw Wall Street finish lower, as rising bond yields dampened investor sentiment. Despite upbeat consumer confidence data, the Dow and S&P 500 snapped three-day win streaks, while the tech-heavy Nasdaq also landed firmly in the red. Nevertheless, the Cboe Volatility Index (VIX) tagged its third-straight loss and closed below the psychologically-significant 20 level for the first time in nearly three weeks.

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

• Options bulls should consider this semiconductor stock.
• Unpacking this blue-chip pharma giant's quarterly report.
• Plus, Alibaba's big announcement; biotech stock breaks out; and PARA's bull note.

5 Things to Know Today 

1. Federal prosecutors alleged Sam Bankman-Fried, co-founder of defunct FTX, bribed at least one Chinese government official. (CNBC)
2. Amazon.com (AMZN) is reportedly interested in buying AMC Entertainment (AMC). (MarketWatch)
3. Alibaba stock options surge after big announcement.
4. Upbeat drug trial data boosts biotech stock.
5. Paramount Global stock earned analyst praise.

Oil Nabs Another 2-Week High as Bank Worries Ease

Oil futures marked their highest close in more than two weeks, with May-dated crude adding 39 cents, or 0.5%, to settle at $73.20 per barrel. Black gold prices were boosted by waning banking fears, bolstered Chinese energy demand, and a short-term-oil-supply disruption.

Following back-to-back losing sessions, gold prices snapped back Tuesday thanks to easing banking worries. April-dated gold popped $19.70, or 1%, to settle at $1,973.50 per ounce.

The shares of Biomea Fusion Inc (NASDAQ:BMEA) are soaring today, up 88.1% at $29.03 at last glance and earlier hitting a record high of $29.49, all of which contributed to an impressive 243.9% year-to-date lead. The biotech name reported promising data from a mid-stage study of its diabetes therapy, BMF-21, after which Piper Sandler lifted its price target to $40 from $16. 

Options traders are blasting BMEA in response, with 2,482 calls and 5,046 puts exchanged so far, or 15 times the intraday average. The April 30 call and 15 put are the most popular, with new positions opening at both. 

Analysts are wholeheartedly bullish on Biomea Fusion stock, with all six firms in coverage carrying a "strong buy" rating. The 12-month consensus price target of $30.17 is a slim 4.2% premium to current levels, though, indicating additional bull notes may be on the horizon.

Alibaba Group Holding Ltd (NYSE:BABA) announced Tuesday that the company will split into six businesses, each with the ability to raise outside funding, go public, and be managed by its own CEO and board of directors.

Alibaba stock is jumping in response. The shares were last seen 11.2% higher to trade at $95.74, moving back above their year-to-date breakeven and pacing for their best close in more than a month. More importantly, BABA late last month experienced a golden cross of its 80-day and 200-day moving averages -- of which, the shares are now wedged between. This could indicated further gains for the equity in the coming weeks.

The China-based e-commerce giant's options pits are exploding with activity today, too. Total options volume is running at quadruple the average intraday amount, with 446,000 calls and 119,000 puts exchanged so far. The weekly 3/31 100-strike call is leading the charge, followed by the June 100 call, and new positions are being opened at both contracts.

A broader look shows calls have been the popular options of late. Data from the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) shows BABA 's 10-day call/put volume ratio of 4.48 ranks in the elevated 99th annual percentile. Echoing this, the security's Schaeffer's put/call open interest ratio (SOIR) of 0.40 stands higher than just 2% of annual readings.

Now looks like a good time to weigh in on the security's next move with options. The stock is seeing attractively priced premiums at the moment, per Alibaba stock's Schaeffer's Volatility Index (SVI) of 46%, which sits in the low 3rd percentile of its annual range. Plus, the equity's Schaeffer's Volatility Scorecard (SVS) of 87 out of 100 means the stock has exceeded option traders' volatility expectations during the past year.

Walgreens Boots Alliance Inc (NASDAQ:WBA) stock is enjoying post-earnings tailwinds today, up 3% to trade at $33.94 at last glance. The blue-chip pharmaceutical giant posted fiscal second-quarter earnings of $1.16 per share on revenue of $34.86 billion, which is higher than the estimated $1.10 per share and $33.53 billion.

On track for its third-straight day of gains after bouncing off the $32 level, the stock is still running into pressure at the $34 level. Plus, its 40-day moving average lingers overhead, a trendline that has kept a lid on the shares since the start of February. 

So far today, options bulls are taking charge in the options pits, with 13,000 calls -- four times the intraday average amount -- and 7,866 puts exchanged so far. The weekly 3/31 33.50-strike call is the most active contract, with new positions opening. 

This represents a shift in sentiment amongst options traders, as WBA's 10-day buy-to-open put/call volume ratio of 1.16 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than 98% of readings from the past year. 

Analysts have yet to chime in, but could soon, with the majority pessimistic towards the security. Of the 16 in coverage, 13 carry a "hold" or worse rating. 

Stock futures are inching lower, as investors unpack a host of economic data. The U.S. trade deficit in goods rose 0.6% in February, while wholesale inventories inched 0.2% higher, and retail inventories climbed 0.8%. The S&P Case-Shiller home price index dropped 0.4%, logging its 7th consecutive monthly drop. U.S. consumer confidence data is also due out later this morning. 

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

• Schaeffer's Senior V.P. of Research Todd Salamone on while you need both bullish and bearish exposure right now. 
• Unpacking Pinterest stock's one-year high. 
• Plus, upgrades and downgrades to watch; DISH eyes 14-year lows. 

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw more than 1 million call contracts and 731,288 put contracts traded on Monday. The single-session equity put/call ratio fell to 0.67 and the 21-day moving average stayed at 0.79.
2. Alibaba Group Holding Ltd (NYSE:BABA) is up 9.6% premarket, after the China-based e-commerce name announced plans to split into six different businesses. Should these gains hold, BABA will jump back above its year-to-date breakeven mark. 
3. Rideshare stock Lyft Inc (NASDAQ:LYFT) is up 5.2% before the bell, after news that former Amazon.com (AMZN) executive David Risher will soon be taking over as CEO, as co-founders CEO Logan Green and President John Zimmer step down. Year-to-date, LYFT is down 12.9%. 
4. Walgreens Boots Alliance Inc (NASDAQ:WBA) is up 1.6% in electronic trading, after the blue-chip pharmaceutical giant's strong fiscal second-quarter results. Year-over-year, WBA is down 30% heading into today. 
5. Today will also bring the FHFA home price and U.S. consumer confidence indexes.

Stocks Higher Overseas as Banks Stabilize

Asian markets settled mostly higher on Tuesday, as banking sector fears once again subsided. Hong Kong’s Hang Seng and South Korea’s Kospi each added 1.1%, with the latter enjoying tailwinds from a rise in defense stocks amid North Korean leader Kim Jong Un’s calls to ramp up production of weapons-grade nuclear material. Japan’s Nikkei rose 0.2% after the country’s deal with the U.S. to trade electric vehicle (EV) battery minerals, and China’s Shanghai Composite shed 0.2%.

European markets are also higher, though investors remain cautious amid volatility. Inflation data for the U.K. is in focus, with shop prices rising at a record high of 8.9% annually in March. At last glance, the German DAX and France’s CAC 40 are both up 0.2%, and London’s FTSE 100 is 0.1% higher.

Paramount Global (NASDAQ:PARA) stock is 6% higher in premarket trading, following an upgrade from Bank of America. The Wall Street broker upgraded the legacy media giant's shares to "buy" from "neutral," and hiked its price target to $32 from $24. Bank of America cited Paramount's strong assets, which could benefit the company's value should the business be put up for sale.

There's plenty of room for additional an unwinding of pessimism on PARA. Coming into today, 14 of 20 covering brokerages rated the equity a "hold" or worse. Further, short interest jumped 8.2% over the last month, and the 89.72 million shares sold short account for 15.6% of Paramount Global stock's available float.

It's a similar theme among options traders. The security's Schaeffer's put/call open interest ratio (SOIR) of 1.27 that stands in the 89th percentile of annual readings, short-term options traders have rarely been more put-biased over the past year.

Should today's premarket gains hold, PARA will open at its highest level in three weeks, though it remains below a post-earnings pullback level from February. The shares' 200-day moving average could also be tested today. Year-over-year , the stock is down 46%.

The Dow kicked off the last week of March with a 194-point win, its third straight. Investors set aside banking system concerns amid reports that U.S. officials could expand the emergency lending program for that sector. News that First Citizens Bancshares (FCNCA) agreed to purchase around $72 billion of SVB Financial Group (SIVB) assets boosted sentiment as well. The S&P 500 also made it three in a row, while a lackluster tech sector weighed on the Nasdaq.

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

• Options traders are keen on this bank stock.
• Will Manchester United stock get new ownership?
• Plus, blue chip downgraded; ROKU earns analyst praise; and behind Pinterest stock's pop.

5 Things to Know Today 

1.  Alibaba (BABA) founder Jack Ma was spotted in China after months abroad, following Beijing's roughly 18-month crackdown on its technology sector. (CNBC)
2. Walt Disney (DIS) will begin the three-phase process of laying off 7,000 workers this week, which is part of the company's strategic realignment. (MarketWatch)
3. Caterpillar stock sinks after a downgrade to "underperform."
4. Options bulls blasted Roku stock after upgrade.
5. What pushed Pinterest stock to a fresh one-year high.

Gold, Oil Move in Opposite Directions

Oil futures moved sharply higher on Monday to settle at a two-week high on Monday, as fears over the baking sector subsided. May-dated crude rose $3.55, or 5.1%, to close at $72.81 per barrel.

Gold prices finished lower, with investors now feeling less compelled to seek refuge in the safe-haven asset. April-dated gold dropped $30, or 1.5%, to settle at $1,983.80 per ounce.

Bank of America Corp (NYSE:BAC) is up 4.2% at $28.28 at last glance, as regional bank stocks continue their recovery following SVB Financial Group's (SIVB) collapse, with more potential tailwinds in store. Bouncing off last session's two-year low of $26.32, BAC is still down 17.6% since the start of the month. 

Bank of America stock captured the attention of options traders amid the recent debacle, according to Schaeffer's Senior Quantitative Analyst Rocky White's list of stocks that have attracted the highest weekly options volume in the past 10 days. BAC saw 3,938,519 calls and 3,133,439 puts exchanged in that time. The most popular contract over this period was the March 30 call, followed by the April 30 call. 

The bank stock appears to be due for a short-term bounce, per its 14-day relative strength index (RSI) of 18.1, which sits firmly in "oversold" territory. Analysts, meanwhile, are split on the equity, with eight of the 19 in coverage carrying a "buy" or better rating, and eight a "hold" or worse.