The SPX, on the other hand, is on track for its sixth-straight win
Stock futures are mixed midday, as the two-day Fed meeting kicks off and investors eagerly await tomorrow's comments from Federal Reserve Chairman Jerome Powell concerning interest rates. Currently, the 10-year Treasury yield is still holding just above 1.6%, and dismal retail sales could also be adding to Wall Street's wariness. The Dow Jones Industrial Average (DJI) is down in the triple-digits, looking to snap a seven-day win streak, while the S&P 500 Index (SPX) is posting modest gains, hitting a record intraday high earlier and on track for its sixth-straight win. Meanwhile, the Nasdaq Composite (IXIC) is up over 150 points this afternoon, boosted by the rebounding tech sector.
Continue reading for more on today's market, including:
- Outperforming Ulta Beauty stock dips after downgrade.
- The pharmaceutical stock inching higher on drug sale buzz and a bull note.
- Plus, SVRA options surge; BIOX hits record highs; and SLDB plummets despite bull notes.
One stock seeing a surge in options volume today is Savara Inc (NASDAQ:SVRA). So far, 14,000 calls and 2,676 puts have crossed the tape, which is 31 times what's typically seen at this point. Most popular is the March 2.50 call, expiring at the end of this week, where new positions are being opened. SVRA is up 48% at $2.61 at last check, after Piper Sandler bet on the stock to break back out of penny stock territory -- initiating coverage with an "overweight" rating and price target of $7.
Scaling the New York Stock Exchange (NYSE) today is Bioceres Crop Solutions Corporation (NYSE:BIOX). The stock is trading at record levels -- up a whopping 56.8% at $15.63 at last check -- and earlier hitting an all-time high of $17.94. The agricultural stock acquired stake in Moolec Science, which has it joining the alternative food market. Year-over-year, the stock is up 245.5%.
Meanwhile, Solid Biosciences Inc (NASDAQ:SLDB) is plummeting, down 29.9% to trade at $6.66, after the company announced a resale of up to 24.3 million shares in common stock by the selling shareholders. The company also posted efficacy and safety data from its ongoing trial of SGT-001, where no serious adverse affects were reported. The stock is also brushing off no fewer than three price-target hikes -- the highest from SVB Leerink to $15 from $3. Today's drop has SLDB contending with its 60-day moving average, which has been a trendline of support since the stock's October bull gap.
