The Fed will announce its policy decision at 2 p.m. ET
Stocks are sticking to a tight trading range ahead of this afternoon's 2 p.m. ET release of the Federal Open Market Committee (FOMC) policy decision, while a subsequent press conference from Fed Chair Jerome Powell will also be in focus. While the central bank isn't expected to adjust interest rates at this month's meeting, Wall Street will be looking for clues about a potential July rate cut. At last check, the Dow Jones Industrial Average (DJI) is outperforming its peers on UnitedHealth (UNH) strength, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are just above breakeven.
Continue reading for more on today's market, including:
- Red-hot Dow stock nears new highs after bull note.
- Behind Adobe's big earnings win.
- Plus, options bears blast sinking Chinese stock; the drug stock at the top of the Nasdaq; and a new low for Kewaunee Scientific.
YY Inc (NASDAQ:YY) is seeing unusual options activity, with 9,100 puts and 2,600 calls on the tape, 10 times the expected intraday amount and volume pacing in the 100th annual percentile. The January 2021 30-strike put is most active, and it looks like new positions are being purchased here as LEAPS traders position for stiff downside for the Chinese social media stock over the long term. At last check, YY shares are down 5.3% at $73.03 ahead of tonight's pricing of the company's dual convertible offerings.
Melinta Therapeutics Inc (NASDAQ:MLNT) is the best stock on the Nasdaq, after the Food and Drug Administration (FDA) accepted the biopharmaceutical firm's expanded-use application for its community-acquired bacterial pneumonia (CABP) drug, Baxdela. After being halted earlier for volatility, MLNT stock is up 160.1% at $5.15, set to close above its 80-day moving average for the first time since June 15, 2018.
Kewaunee Scientific Corporation (NASDAQ:KEQU) is one of the worst stocks on the Nasdaq, after the laboratory furniture solutions specialist said fiscal fourth-quarter sales plunged 21.9% year-over-year to $34.75 million. In reaction, KEQU stock is down 14% at $18.50, earlier tagging a new three-year low of $16.17.