Dow Down Triple Digits Midday as Wall Street Keeps Eye on Fed

Fed fears are resurfacing, with Wall Street weighing the possibility that the central bank will continue on with its rate hikes, even after Fed Chair Jerome Powell assuaged some of these anxieties last week. Investors are keeping a close watch on economic data, which could directly influence the Fed's next decision. Today, a stronger-than-expected services activity reading for November was posted, coming in at 56.5%.  

Meanwhile, the 10-year Treasury yield is surging even higher, last seen at 3.57%. In response, the Dow Jones Industrial Average (DJI) was last seen down over 200 points, while the Nasdaq Composite (IXIC) and S&P 500 (SPX) are both swimming in red ink as well. 

Continue reading for more on today's market, including:

• Starbucks stock's rally could be over, says analyst. 
• 3 Chinese stocks getting a boost on reopening news. 
• Plus, TRLY soaring on research bill; DGBI surges; and AMPX breaches key trendline. 

Tilray Inc (NASDAQ:TLRY) is seeing a surge in options activity today, with 108,000 calls and 23,000 puts exchanged so far, which is five times the intraday average. The weekly 12/9 5-strike call is the most popular, followed by the 6-strike call in the same weekly series, with positions being bought to open at both. TRLY was last seen up 9.4% at $5.03. Cannabis-related stocks have been surging after U.S. President Joe Biden signed a marijuana research bill into law last Friday. TRLY is set for its highest close since May. 

One of the best performing stocks on the Nasdaq today is Digital Brands Group Inc (NASDAQ:DBGI). The stock was last seen up 33.1% at $4.99, at last check. While there's no driving factor for this upside today, Digital Brands Group announced the closing of its $10 million public offering late last week, which sent the equity lower. The stock is still down over 97% for the year, however, with potential pressure sitting just ahead at the 30-day moving average.   

Ampirus Technologies Inc (NYSE:AMPX) is one of the worst performers on the New York Stock Exchange (NYSE), last seen down 21.8% at $8.06. While negative catalysts aren't readily apparent, the company is kicking off its three-day 2022 Annual Advanced Automotive Battery Conference (AABC) today. Shares of the lithium-ion battery manufacturer have been publicly traded since mid-September, and today could mark the stock's first close below its newly formed 40-day moving average.