The prospect of an interest rate cut in June is dimming
Stocks are choppy today, as rising Treasury yields and another week of Fed fatigue pressure markets. The Dow Jones Industrial Average (DJI), Nasdaq Composite (IXIC), and S&P 500 Index (SPX) are all trading around breakeven midday, paring gains from the morning.
After last week's dismal performance, investors are cautious ahead of the Federal Reserve's meeting minutes and more inflation data that is due out later this week. Per CME's FedWatch tool, there's now only a 48.7% chance of an interest rate cut in June.
Continue reading for more on today's market, including:
ALTC Acquisition Corp (NYSE:ALCC) is getting blitzed by options traders with 8,117 calls and 6,209 puts already traded today, volume that is 42 times the intraday average amount. The April 12.50 put is the most active contract, with new positions being bought to open. The stock was last seen up 18.6% to trade at $15.50, and earlier hit a record high of $15.99, after news that nuclear fuel recycling company Oklo will supply 50 megawatts of power to Diamondback Energy (FANG). During the last 12 months, the merger stock has added over 54%.
Shares of Destiny Tech100 Inc (NYSE:DXYZ) are leading the New York Stock Exchange (NYSE), last seen up 33.5% to trade at $79. The new fund, which gives investors access to private companies including SpaceX, OpenAI, and Epic Games, began trading publicly in late March. Earlier today, DXYZ soared to record high of $85.
GCT Semiconductor Holding Inc (NYSE:GCTS) is the worst stock on the NYSE today, down 9.8% at $7.26 at last glance. This pullback comes after chipmaker announced a deal with Aramco to develop 4G and 5G systems in Saudi Arabia. The shares have been extremely volatile of late, surging to a March 27 record high of $55 before seeing several bear gaps. GCTS is down over 31% this year.