The Nasdaq is down triple digits
Stocks are mixed this afternoon, as investors unpack earnings reports from several bank giants as well as economic data. According to the University of Michigan's survey, consumer sentiment dropped to 63 in October from September's reading of 68.1, while inflation expectations jumped to 3.8% from the previous month's 3.2%. Meanwhile, oil prices are spiking amid U.S. sanctions on Russian crude sales.
The Nasdaq Composite (IXIC) is down triple digits midday, while the S&P 500 (SPX) is moderately lower, and the Dow Jones Industrial Average (DJI) sports at a modest gain. For the week, the IXIC is the only major benchmark headed for a loss.
Continue reading for more on today's market, including:
- JPMorgan Chase tops earnings expectations.
- Netflix stock drew bear notes ahead of next week's report.
- Plus, options traders target UNH; APLS soars; and HRMY plummets on trial results.
Options traders are targeting blue-chip healthcare stock UnitedHealth Group Inc (NYSE:UNH) today, after the company's better-than-expected third-quarter results. So far, 32,000 calls and 17,000 puts have been exchanged, which is already five times the average daily volume. Expiring at the end of the day, the weekly 10/13 545-strike call is the most popular contract, with positions being opened there. At last look, UNH was up 1.7% at $534.26, after earlier reaching a fresh 2023 peak.
Apellis Pharmaceuticals Inc (NASDAQ:APLS) is near the top of the Nasdaq today, up 8.6% at $47.66 at last glance, as it heads for its sixth daily win in the last seven. Though the reason for this price action is not clear, Chief Scientific Officer Deschatelets Pascal sold 12,000 shares of the company this week. Since the start of the year, the equity is still down 8.4%.
Harmony Biosciences Holdings Inc (NASDAQ:HRMY) is down 33.8 % at $19.95 at last check, after the company's sleep disorder drug did no meet the main goal of a late-stage trial. Trading at record lows, HRMY is down 63.7% in 2023.