The Dow is up nearly 200 points midday
The Dow Jones Industrial Average (DJI) is up triple digits midday, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) sit hesitantly higher. Investors are so far brushing off comments from several Federal Reserve officials alluding to tighter monetary policy. For the week, however, all three benchmarks are still on track for solid losses. Meanwhile, Bitcoin (BTC) is inching higher in the wake of the early-week crypto crash after FTX filed for bankruptcy.
Continue reading for more on today's market, including:
- Foot Locker stock surges on strong results.
- Checking in with Novavax stock after vaccine news.
- Plus, options traders blast ROSS; ISEE jumps on FDA designation; and FTCH plummets after its report.
Ross Stores Inc (NASDAQ:ROST) is seeing a surge in options activity today, with 50,000 calls and 29,000 puts across the tape, which is six times the intraday average. The November 175 call is the most popular, followed by the November 160 put. ROST is up 12.8% at $110.49 at last glance, earlier hitting a one-year high of $115.90, after its current-quarter forecast hike. No fewer than 14 analysts raised their price targets, too. Today's pop has the stock gapping above its 320-day moving average.
IVERIC bio inc (NASDAQ:ISEE) stock is soaring today, up 24.7% at $21.50 at last check, after the U.S. Food and Drug Administration tagged the company's eye disease drug, Zimura, as a "breakthrough therapy." Year-to-date, the equity is up 29.9%.
One of the worst stocks on the New York Stock Exchange (NYSE) today, Farfetch Ltd (NYSE:FTCH) was last seen down 15% at $7.76. The online fashion hub reported narrower-than-expected third-quarter losses of 24 cents per share alongside a revenue miss, and cut its full-year forecast due to macro challenges. No fewer than six analysts slashed their price targets after the event. Year-over-year, FTCH is down 82.8%.