The Dow is up more than 200 points midday
The major indexes are trying to reverse December's mostly gloomy trading, compounded by recession anxieties and Fed fears, with the Dow Jones Industrial Average (DJI) up over 200 points midday. Meanwhile, the S&P 500 Index (SPX) is trading comfortably higher as it attempts to snap its five-day losing streak, and the Nasdaq Composite (IXIC) is up triple digits midday.
Energy stocks are boosting markets, with Exxon Mobil (XOM) and Chevron (CVX) on the rise. Meanwhile, the 3-month and 10-year Treasury yields are at their deepest inversion since January 2001. Cathie Wood said this is a sign that the Fed is making a "serious mistake" with its massive rate hikes.
Continue reading for more on today's market, including:
Beyond Meat Inc (NASDAQ:BYND) is seeing an uptick in bullish options activity. So far, 15,000 calls have exchanged hands, which is double the intraday average. The most popular position is the February 2023 7.50-strike put, followed by the weekly 12/9 16-strike call, with positions being bought to open at the latter. BYND is up 6.3% at $16.58 at last check, as it tries to distance itself from its lows near the $11.50 area.
One of the best stocks on the Nasdaq today is Pharvaris NV (NASDAQ:PHVS). The security was last seen down 63.3% at $4.10, following upbeat data from the pharmaceutical company's mid-stage hereditary angioedema trial. PHVS cleared its 40-day moving average for the first time since it started selling off in July. However, the stock still suffers a 70.6% year-to-date deficit.
Meanwhile, Relmada Therapeutics Inc (NASDAQ:RLMD) is one of the worst performers on the Nasdaq. The stock is down 50.7% at $2.05 at last check, after the company's experimental depression drug REL-1017 didn't meet its primary endpoint in a Phase 3 clinical study. RLMD is trading at its lowest level on record, and suffers a 91% year-to-date deficit, compounded by the massive bear gap it suffered in mid-October.