The latest debt ceiling meeting failed to produce a resolution
Wall Street is lower this afternoon as the default debate rages on. Yesterday's meeting between U.S. President Joe Biden and House Speaker Kevin McCarthy was "productive" and "professional," per the latter, but no resolution to the issue was found. Against this backdrop, May's purchasing managers index (PMI) reading of 48.5 fell just short of economists estimates, while new home sales rose more than expected. Elsewhere, the Cboe Volatility Index (VIX) is heading toward its third straight win.
Continue reading for more on today's market, including:
- Higher oil prices mean tailwinds for Chevron stock.
- Why Yelp stock is popping today.
- Plus, Cathie Wood's new favorite stock; a biotech merger; and medical device recall news.
Options traders are following Cathie Wood's latest Investment, loading up on Palantir Technologies Inc (NYSE:PLT) after the ARK Innovation ETF (ARKK) added 243,158 shares of the data analytics company -- roughly $2.9 billion based on Monday's close. So far, 232,000 calls and 82,000 puts have been traded, volume that's four times what's typically seen at this point. New positions are opened at the weekly 5/26 13-strike call. Palantir Technologies stock was last seen 9% higher at $12.90, now up more than 100% year-to-date and trading at its highest level since April 2022.
At the top of the Nasdaq is CohBar Inc (NASDAQ:CWBR), up 162.6% at $4.07 at last glance and moving above its year-to-date breakeven mark. The company is merging with biotech peer Morphogenesis in an all-stock transaction. The new single entity will trade on the Nasdaq as TuHURA Biosciences Inc.
Shares of medical device manufacturing company Integra Lifesciences Holdings Corp (NASDAQ:IART) are trading near the bottom of the Nasdaq, last seen down 13.6% at $43.83. The medical device company initiated a voluntary recall of all products manufactured in its Boston facility that were distributed between March 1, 2018 and May 22, 2023. Year-to-date, IART is down 21%.