Artificial intelligence (AI) lending stock Upstart Holdings Inc (NASDAQ:UPST) was last seen down 11.9% at $45.27, brushing off upbeat first-quarter results as well as a strong full-year forecast, after the company's second-quarter outlook spooked investors. No fewer than four analysts slashed their price targets after the event, including Morgan Stanley all the way to $50 from $70. 

Options traders are blasting Upstart stock in response. So far today, 62,000 calls and 47,000 puts have been exchanged , which is 4 times the intraday average volume. The weekly 5/9 50-strike call is the most active contract, followed by the weekly 5/9 45-strike put, with new positions opening at both. 

Today's drop has UPST on track to snap a three-quarter streak of massive post-earnings wins, including a 31.8% pop this last February. Still, today's downward movement isn't too unusual, considering the stock has averaged a next-day earnings swing of 29.8% over the last two years, regardless of direction. 

Before today's drop, UPST had been steadily climbing on the charts since early April. Longer term, the shares are down 25.1% year to date, and quite a ways from their Feb. 13, two-year high of $96.43. The 320-day moving average appears to be providing support for today's pullback, however. 

Stocks are mixed midday as Wall Street awaits the Fed's latest interest rate decision, due out at 2 p.m. ET. Ahead of the event, CME’s FedWatch tool is pricing in a 100% chance that the central bank keeps rates steady. Meanwhile, U.S. trade talks are still in focus, particularly between China and Switzerland. The Dow Jones Industrial Average (DJI) is up triple digits at last glance, while the S&P 500 Index (SPX) sits flat, and the Nasdaq Composite (IXIC) sits modestly in the red. 

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

• 2 EV stocks on the move after quarterly results. 
• Behind Uber stock's steep slide. 
• Plus, options bulls target SRPT's nosedive; and two stocks moving opposite directions after earnings. 

Options bulls are targeting plummeting Sarepta Therapeutics Inc (NASDAQ:SRPT) today, after the pharma name slashed its 2025 outlook. So far, 18,000 calls and 8,943 puts have been exchanged, which is more than quadruple the average daily options volume already. The May 40 put is the most popular, with new positions being opened there. At last glance, SRPT was down 17.5% at $38.55, and trading at nearly eight-year lows. Year-to-date, the shares are down 68.8%. 

NerdWallet Inc (NASDAQ:NRDS) was last seen up 26.8% at $10.73, after the the company lifted its 2025 earnings forecast. The fintech name also announced a first-quarter revenue beat alongside breakeven earnings results, which is better than the estimated losses of 10 cents per share. No fewer than two analysts slashed their price targets after the event, while Truist Securities lifted its price objective by $1 to $19. Year-to-date, the equity is still down 19.7%. 

Ceva Inc (NASDAQ:CEVA) is down 22.5% at last look today, after a first-quarter revenue miss but narrower-than-expected losses of 14 cents per share. Giving back a majority of its April gains, CEVA is currently down 33.7% in 2025. 

Advanced Micro Devices Inc (NASDAQ:AMD) and Super Micro Computer Inc (NASDAQ:SMCI) announced first- and fiscal third-quarter results, respectively, after yesterday's close. While the former beat profit and revenue expectations and issued strong current-quarter guidance, the latter missed top- and bottom line estimates and  released a dismal forecast for the fiscal fourth quarter.

Analysts are having mixed reactions to Advanced Micro Devices' results, with price-target hikes and cuts across the tape, but BofA Global Research upgraded shares to "buy" from "neutral" and raised their price objective to $120 from $105. AMD was last seen 0.3% higher at $98.90 while carrying an 18.5% year-to-date deficit. The 80-day moving average continues to enact pressure, after emerging as resistance in late October.

Drilling down to today's options activity, 348,000 calls and 186,000 puts have already exchanged hands, which is double the volume typically seen for AMD at this point. The most active contract is the weekly 5/9 105-strike call, where new positions are being sold to open.

SMCI is down 3.5% to trade at $31.79 at last check, on the heels of five price-target cuts, including one from Wedbush to $30 from $40. Though it is still clinging to modest lead for 2024, the security shed 61.2% over the last 12 months, and has struggled to conquer a ceiling at the $40 level since late March.

An unwinding of optimism could generate additional headwinds for SMCI. This is per its 10-day call/put volume ratio of 2.36 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which ranks higher than 88% of readings from the past year.

Rideshare stock Uber Technologies Inc (NYSE:UBER) is down 1.4% at $84.65 at last glance, after the company's mixed first-quarter results. Earnings of 83 cent per share beat the Zacks Research estimate of 51 cents per share, while revenue of $11.53 billion slightly missed expectations. 

Today's drop has UBER looking to snap a three-day win streak. The stock hovered around $86.50 at its highs during the last two sessions, but failed to extend its Oct. 11 record high of $87. Today, former pressure at the $80 level looks to be keeping losses in check. Since the start of the year, the equity is up 40.7%. 

It's worth noting that UBER's 14-day relative strength index (RSI) of 79 sits on the cusp of "oversold" territory, meaning today's pullback could've already been in the cards. 

Over in the options pits, 150,000 calls and 63,000 puts have crossed the tape, which is 4 times the overall options volume typically seen at this point. The May 87.50 call is the most popular, followed by the weekly 5/9 80-strike put, with new positions opening at the latter. 

Two electric vehicle (EV) makers -- Rivian Automotive Inc (NASDAQ:RIVN) and Lucid Group Inc (NASDAQ:LCID) -- just stepped into the earnings spotlight. While both reported mixed results, their updates provided fresh context on the state of the EV sector amid rising geopolitical and tariff pressures. Interestingly, the news appears to have lifted sentiment across the board, with Tesla (TSLA) trading higher in response.

Rivian Automotive stock was last seen 1.2% higher at $13.66 beat, putting it just above breakeven on a year-to-date basis. Wall Street’s first-quarter expectations and reaffirmed its 2025 earnings targets, but also trimmed guidance for vehicle deliveries and capital expenditures. The company now expects to deliver between 40,000 and 46,000 units this year, with capital spending forecasted between $1.8 billion and $1.9 billion. The EV maker cited tariff concerns and a challenging global trade environment as key reasons for the downward revision.

RIVN is seeing elevated options activity today, with 42,000 calls and 22,000 puts traded so far -- roughly twice the average intraday volume. New positions are opening at the most popular contract, the weekly 5/9 14-strike call, suggesting bullish traders are targeting a short-term rebound.

Lucid Group, on the other hand, posted a wider-than-expected quarterly loss of 24 cents per share, slightly missing estimates. Revenue came in at $235.05 million, also just under expectations, though up significantly from the year-ago quarter. The company has suffered a post-earnings drop in three of the last four quarters. Despite trading 2.6% higher at $2.39 at last glance, LCID is still down nearly 22% year-to-date.

LCID is also drawing unusual options interest, with 19,000 calls traded -- double the typical intraday amount and nearly five times the number of puts exchanged so far. The weekly 5/9 2.50-strike call is seeing the most attention.

A positive signal emerged last week on the candlestick chart of the S&P 500 Index (SPX). On Wednesday, the chart formed a bullish outside day — that is, the high is above the prior day’s high, the low is below the previous day's low, and the market closes positive on the day. This pattern, shown on the chart below, is often seen by traders as a sign of strong buying pressure. When this happens in a down market, it’s considered a potential reversal point. As I often do in these cases, I’ll look at the actual numbers historically to see if there’s any merit to these interpretations.

Drilling Down Outside Days

First, I’m just going to see how outside days have performed in general — that’s any time the high of the day was above the previous day’s peak and the low was below the previous day’s bottom. My data shows 337 outside days since 2010. The table below summarizes the returns for the SPX after those days. Nothing notable performance-wise, but it seems outside days have been followed by less volatility going forward compared to what you typically see, which is the second table below. I didn’t expect to see the average positive and negative returns be smaller across every timeframe after outside days.

Next, I broke up those outside days by whether they were up days or down days for the SPX. Last Wednesday, recall, was a positive day. Since 2010, bullish outside days have underperformed in the short term compared to bearish outside days. When you get out to three months, however, there was no difference in the average return.

Traders often consider bullish outside days during a downtrend as a reversal indicator. The data indicates this as well. Last Wednesday, the bullish outside day occurred with the SPX about 9% below its all-time high made in February. I drilled down the bullish outside days by whether they were at least 7% off the high or within 7%. Historically, the index has performed very well when these days occur well off their highs. There were 48 occurrences, with the SPX averaging a gain of 1.93% over the next month and 75% of the returns positive. When the bullish outside days occurred closer to the all-time high, the index was barely breakeven over the next month on average, with 55% of the returns positive.

Finally, if you notice in the candlestick chart above, the SPX made a big intraday comeback to finish positive on the day. The index was down over 2% last Wednesday from the prior day’s close before rallying to finish the day positive. I found seven instances when the index was down at least 1% on the day before achieving the bullish outside day. It’s only seven data points, but you can see in the table below, the SPX has done very well after these instances. The SPX averaged a return of 5% in the month after a signal, with six of seven returns positive. As I drilled down on outside days more and more to match our current situation, the subsequent SPX returns kept getting better and better. Hopefully, this indicates where we go from here.

Hims & Hers Health Inc (NYSE:HIMS) beat top- and bottom-line estimates for the first quarter, with net profits seeing a 300% jump. While the telehealth giant issued a dismal outlook, it still attracted four price-target hikes, including from Leerink Partners to $42 from $40. At last glance, HIMS was up 9.9% to trade at $46.06, erasing premarket losses.

Options traders are chiming in, with 267,000 calls and 188,000 puts traded so far today, which is 6 times the intraday average volume. The most popular contract is the weekly 5/9 45-strike call, followed by the 50-strike call in that series, with new positions being opened at both. 

HIMS is trading at its highest level since February, after last week conquering resistance at the $40 level, which had been capping price action since early March. Shares are also on track for their fourth-straight daily gain as they consolidate above the 60-day moving average and extend their impressive 296% year-over-year lead.

The security looks ripe for a short squeeze, too. Short interest is up 10.8% in the last two reporting periods, and the 60.88 million shares sold short make up 31.9% of the equity's available float. Should some of this pessimism begin to unwind, HIMS could surge even higher.

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.

Shares of household cleaning name Clorox Co (NYSE:CLX) are down 2.5% at $134.96 at last glance, after the company's fiscal third-quarter earnings and revenue missed estimates. Profits of $1.45 per share also fell below the $1.71 per share from the same quarter a year ago.

A slew of analysts slashed their price targets after the event, including Morgan Stanley to $150 from $165. The stock has yet to see any downgrades, as 16 of the 17 brokerages in coverage already carry a "hold" or worse rating.

On the charts, the equity traded as low as $129.74 earlier today, though that $130 region appears to be keeping losses in check, as it did in June and July. Since the start of the year, CLX is down 17%. 

Over in the options pits, Clorox stock has seen quadruple the options volume typically seen at this point. The May 125 put is the most popular, followed by the May 135 call.