The Nasdaq is up over 3% midday
Markets are extending their rally into the afternoon, with the Dow Jones Industrial Average (DJI) up roughly 557 points at last check, while the Nasdaq Composite (IXIC) and S&P 500 Index (SPX) are building on their morning gains as well. With no specific driver pushing stocks higher, however, many on Wall Street expect today’s bounce to fall flat. Meanwhile, the 10-year Treasury yield is still on the rise, and oil is climbing too, with U.S. West Texas Intermediate (WTI) crude last seen up 1.8% at $111.55 per barrel.
Continue reading for more on today’s market, including:
Bed Bath & Beyond Inc. (NASDAQ:BBBY) is seeing a surge in bullish options activity today. So far, 29,000 calls have crossed the tape, which is double what is typically seen at this point. The most popular contract is the weekly 6/24 10-strike call, followed by the 7-strike call in the same series, with positions being sold to open at the former. BBBY is up 2.8% at $6.87 at last check, as the retail sector makes a comeback. Separately, Else Nutrition signed an agreement with the company to sell its products with buybuy BABY, a subsidiary of Bed Bath & Beyond. The stock is coming off a June 16, two-year low of $5.94, but has shed 52.7% year-to-date.
One of the best stocks on the New York Stock Exchange (NYSE) today is Convey Health Solutions Holdings Inc (NYSE:CNVY). The equity is up 138.4% to trade at $10.30 at last check, on news that TPG Capital will take the company private in a deal worth $1.1 billion, or $10.50 per share in cash. CNVY is currently trading at its highest level since August, toppling several key trendlines, including its 120-day moving average, which has acted as a ceiling for the majority of 2022.
One of the worst stocks on the Nasdaq is Neonode, Inc (NASDAQ:NEON). The equity was last seen down 15.8% to trade at $5.38. While it’s unclear why NEON is slipping, it is trading back at its lowest level in nearly one month, and now sports a 39.8% year-to-date deficit.