The Dow is up 81 points midday
The Dow Jones Industrial Average (DJI) is trying to claw back from the market's multi-day selloff, last seen up 81 points as investors weigh recession fears. Meanwhile, the S&P 500 Index (SPX) and Nasdaq Composite Index (IXIC) continue to flag near breakeven. Gains from Home Depot (HD) and UnitedHealth Group (UNH) are boosting stocks, however investors are keeping a nervous eye on the Federal Reserve's meeting next week. The central bank is expected to hike interest rates by another 50 basis points. November's consumer price index (CPI) report is also on traders' radars, with data due out next week as well. .
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Medical Properties Trust Inc (NYSE:MPW) is seeing an uptick in options activity today, with 15,000 puts and 2,812 calls exchanged so far -- double the intraday average. The most popular is the weekly 12/23 11-strike put, followed by the January 2023 18-strike call. Medical Properties Trust stock is down 2.1% at $11.99 at last check. The stock yesterday received a price-target cut from Colliers Securities to $17 from $18. MPW is down 49.4% in 2022, with a recent rally running out of steam at the 90-day moving average.
Prometheus Biosciences Inc (NASDAQ:RXDX) is by far the best stock on the Nasdaq today. The security was last seen up 183.5% at $102.22, following news that the biotech company will advance its experimental therapy treatment for ulcerative colitis and Crohn's disease to Phase 3 studies in the next year. The stock is trading back above its 100-day moving average, which acted as support early in November before RXDX breached the level mid-month. The equity is also trading at record highs.
Meanwhile, Carvana Co (NYSE:CVNA) has tumbled to the bottom of the New York Stock Exchange (NYSE). The equity was last seen down 44.4% at $3.74, after reports came out that some of the firm's biggest creditors allegedly signed a binding negotiation deal, which requires creditors to hold roughly $4 billion of the company's unsecured debt. This is the lowest level CVNA has ever traded, and year-to-date, the stock is down over 98%. Even further, Wedbush says the stock's bankruptcy risk is on the rise.