U.S. President Joe Biden and House Speaker Kevin McCarthy will meet today
Wall Street is choppy once more midday, as U.S. President Joe Biden and House Speaker Kevin McCarthy prepare to meet at 5:30 p.m. ET to discuss the debt ceiling. Fresh off its best week of the month, the Dow Jones Industrial Average (DJI) sits in the red, the S&P 500 Index (SPX) is flat, and the Nasdaq Composite Index (IXIC) is comfortably higher.
Continue reading for more on today's market, including:
- Analyst cheers DraftKings stock revival.
- Why this pharmaceutical stock is at record lows.
- Plus, Nio pops; pharma company meets trial goal; and COCO's largest shareholder moves to sell.
U.S. listed shares of Chinese companies are surging today, after the People's Bank of China left 1- and 5-year loan prime rates unchanged. Electric vehicle (EV) stock Nio Inc (NYSE:NIO) is no exception, last seen up 8.6% at $8.76. Already today, more than 121,000 bullish bets have exchanged hands, volume that's quadruple the intraday average amount. The two most popular positions, the weekly 5/26 9-strike and 8.50-strike calls, respectively, are seeing new positions opening at the moment. Nio stock just reclaimed support from its 30-day moving average, but is still saddled with a 17.3% year-to-date deficit.
Hepion Pharmaceuticals Inc (NASDAQ:HEPA) is up 8.9% at $12.51 at last glance, standing near the top of the Nasdaq after the company's fatty liver disease treatment met its main goal in a mid-stage trial. Year-to-date, HEP is up 111.7%.
Conversely, Vita Coco Company Inc (NASDAQ:COCO) is down 8.6% at $22.31 today, after Verlinvest Beverages -- Vita Coco's largest shareholder shareholder -- plans to offer 4.5 million shares of the company. Despite today's dip, COCO stock is still 30.8% higher in 2023.