The market's 'fear gauge' is headed for a sixth consecutive loss
U.S. stocks are trading higher at midday, with investors digesting this morning's weaker-than-anticipated inflation data, which is easing concerns about the pace of Fed rate hikes. The Dow Jones Industrial Average (DJI) is up triple digits, pacing for a sixth straight win, which would mark its longest winning streak since February. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also higher, while the Cboe Volatility Index (VIX) -- or the stock market's "fear gauge" -- is set for a sixth straight loss.
Continue reading for more on today's market, including:
- The biotech buried by a failed drug study.
- Analyst: Don't buy this underperforming oil stock.
- Plus, ROKU's earnings reaction; the biotech that saw revenue triple; and how Fortnite has one stock up 76%.
One stock sporting unusual options volume today is streaming name Roku Inc (NASDAQ:ROKU). So far, roughly 35,000 calls have traded -- eight times what's typically seen at this point in the day. Seeing the most action are the weekly 5/11 40-strike and June 34 calls, where more than 5,300 total contracts have been exchanged. This surge in volume comes just after the company reported a narrower-than-expected first-quarter loss, and better-than-expected revenue. ROKU stock is up 2% to trade at $36.85, at last check, and has picked up 18% over the past week alone.
Near the top of the New York Stock Exchange (NYSE) is genetic information concern InVitae Corp (NYSE:NVTA), after the company reported first-quarter revenue that nearly tripled. The stock also received a price-target hike from Leerink to $12 from $10 -- nearly twice the stock's current perch. NVTA has gapped 12% higher to $6.62, at last check, set to close back above the 50-day moving average.
At the top of Nasdaq today is gaming headphone concern Turtle Beach Corp (NASDAQ:HEAR), after the company reported first-quarter earnings that greatly exceeded estimates, thanks to the success of Fortnite. Turtle Beach stock received a slew of analyst attention in response, including a price-target hike from Wedbush, to $12.50 from $4. The stock earlier peaked at a two-year high of $13.88, and was last seen 76.2% higher at $12.23.