The S&P 500 and Nasdaq have reversed their losses
Stocks are mixed, as investors unpack comments from U.S. Federal Reserve Chairman Jerome Powell before the European Central Bank (ECB). Powell took an aggressive stance toward inflation, hinting at more restriction and even back-to-back interest rate hikes. Meanwhile, the U.S. trade deficit in goods fell to 6% in May. The Dow Jones Industrial Average (DJI) is down 88 points, paring its earlier triple-digit losses, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) have clawed their way into positive territory.
Continue reading for more on today's market, including:
- Analyst sees plenty of upside for Pinterest stock.
- Potential China sales restrictions weigh on Nvidia stock.
- Plus, call traders eye JOBY; KLR jumps on buyout; and ETON falls on FDA news.
Joby Aviation Inc (NYSE:JOBY) is up 36% at $8.69, after the U.S. aviation regulator approved flight testing of its electric air taxi. So far, 16,000 calls have been exchanged, which is 18 times the amount typically seen a this point. The July 10 and 7.50 calls are the most popular, with new positions being opened at both. Trading at its highest levels since November 2021, the equity is up 156.7% year-to-date.
Kaleyra Inc (NYSE:KLR) is up 39.2% to trade at $6.68 at last check, after news that Tata Communications (TATA) is buying out the company in an all-cash deal worth about $100 million. Now trading at its highest level since August , KLR is up 152.8% since the start of 2023.
Eton Pharmaceuticals Inc (NASDAQ:ETON) is down 15.6% at $3.41, after the U.S. Food & Drug Administration (FDA) did not approve its methanol poisoning treatment. The stock's 320-day moving average looks like it could provide support for today's pullback, though it briefly dipped below it earlier. Year-to-date, ETON is up 23.8%.