The S&P 500 is nearing record-level territory
Stocks are struggling for direction today, as the post-holiday doldrums take full effect. The S&P 500 Index (SPX) is hovering near record highs despite sitting just below breakeven at last check, with Wall Street quiet ahead of the approaching New Year. The Nasdaq Composite (IXIC) is modestly lower midday, while the Dow Jones Industrial Average (DJI) is slightly higher. Amidst this low-volume trading environment, the Cboe Volatility Index (VIX) heads for its fourth-straight loss.
Continue reading for more on today's market, including:
- Tesla plans Model Y revamp.
- Sinking biotech stock to watch.
- Plus, another biotech stock breaking out; RGS tests resistance; and reaffirmed guidance dings LTH.
Cytokinetics, Inc.(NASDAQ:CYTK) is getting blasted in the options pits today, with 43,000 calls and 24,000 puts traded so far, volume that is 12 times the intraday average. The January 2024 75-strike call is the most active contract, with positions opening there. CYTK was last seen up 73% to trade at $79.11, and earlier hit a 19-year high of $83.82, after the company said its experimental drug aficamten to treat a type of chronic heart disease met the main goal of a late-stage study. CYTK is now up more than 69% for 2023.
Hair salon company Regis Corp(NYSE:RGS) is one of the best stocks on the New York Stock Exchange's (NYSE) today, last seen up 18.9% to trade at $9.31. The catalyst behind today's pop is still unclear, with long-term resistance at the 60-day moving average ready to cap this positive price action, after rejecting a rally attempt earlier this month. RGS is off more than 62% in 2023.
Life Time Group Holdings Inc(NYSE:LTH) is one of the worst names on the NYSE, last seen down 6.8% at $14.31, after the company reaffirmed its 2023 guidance. LTH could lose support from its 40-day moving average if this negative price action holds, though the trendline contained a pullback just a couple of weeks ago. For 2023, the security is still up 18.9%.