Dow and Nasdaq up triple digits as Wall Street bets on top of inflation
The S&P 500 is also higher with confidence
Despite a month of March a little warmer than expected consumer price index (CPI) Reading earlier today, stocks rise as Wall Street bets on peak inflation. At the last check, the Dow Jones Industrial Average (DJI) is 270 points higher. During this time, the Nasdaq Composite (IXIC) also sports a triple-digit lead, as investors return to technology, and the S&P500 Index (SPX) sits comfortably in the dark too. Elsewhere, the 10-year Treasury yield is retreating from yesterday’s three-year high.
Keep reading to learn more about the current market, including:
- The analyst says Cisco stock could lose some of its market share.
- Tied to bitcoin MicroStrategy Stock considering a return.
- Additionally, options buyers are bombarding the USFD; Calix Stock Gains a Bullish Rating; and MYOV sinks on FDA update.
A stock that is seeing an unusual volume of calls this afternoon is US Foods Holding Corp. (NYSE: USFD). At last check, more than 16,000 calls crossed the band – 18 times the intraday average – against 181 puts. The July 40 and 50 calls are by far the most popular, with new positions being bought to open on both contracts. US Foods stock was last seen up 4.1% to trade at $37.52, after activist investor Sachem Head cut candidates for the company’s directorship at five against seven, while abandoning his intention to take over the board of directors himself. The USFD has seen some volatility on the charts, dipping all the way to the $30 level in March. However, the stock’s most recent pullback found support at the 200-day moving average, and the stock is now up 7.8% in 2022.
One of the best performers on the New York Stock Exchange (NYSE) so far is Calix Inc (NYSE:CALX). The stock was last seen up 7% to trade at $40.30, after Rosenblatt Securities initiated coverage with a “buy” rating and a price target of $60. CALX is making steady progress towards recovering its break-even point year over year, although it will be nearly 50% lower in 2022, after falling from its December high of $80.95.
Myovant Sciences Ltd (NYSE: MYOV), which was last seen down 24.1% at $10.53. is the worst performing stock on the NYSE at this point today. The drop came after it received a deficiency notice for its supplemental new drug application to Pfizer (PFE) from the U.S. Food and Drug Administration (FDA). As a result, Myovant Sciences’ stock fell to its lowest level in two years and is now down 36.6% in the past 12 months.