Stocks started off muted, but have since drifted deeper into the red
The Dow Jones Industrial Average (DJI) was last seen 295 points lower, while the S&P 500 Index (SPX) has also swung to steep midday losses, as pre-election volatility begins to make its mark. The Nasdaq Composite (IXIC) has pivoted into the red, shrugging off Nvidia (NVDA) gains after the chipmaker was picked to replace Intel (INTC) on the Dow. Though traders are keen to get through Election Day, they also have the Federal Reserve's interest rate decision to contend with on Wednesday.
Continue reading for more on today's market, including:
- Roblox stock earns analyst praise.
- Obesity pill buzz boosts biotech stock.
- Plus, Nutrien scores big investment; Chemours stock leading the NYSE; and energy stock eyes worst day ever.
Nutrien Ltd (NYSE:NTR) stock is seeing increased bullish activity, with 12,000 calls traded so far, which is 15 times the volume typically seen at this point. The most active contract is the November 55 call, followed by the January 17, 2025 50-strike call. NTR is up 5.2% to trade at $50.88 a last glance, brushing off a Raymond James price-target cut to $58 from $60 on the heels of a $2.30 million investment from International Assets Investment Management LLC. NTR's rally is falling short of a familiar ceiling at the $52 level, and carries a 9.8% year-to-date deficit.
Chemours Co (NYSE:CC) stock is leading the New York Stock Exchange (NYSE) today, last seen up 15.7% to trade at $20.58, on track for its best single-day percentage gain since January 2023. Today's pop follows the company's upbeat third-quarter results, with earnings and revenue that surpassed analysts' expectations. The shares are eyeing their first close above the 80-day moving average since late May, but still carry a 34.2% deficit for 2024.
Constellation Energy Corp (NASDAQ:CEG) is the worst stock on the SPX today, down 10.2% to trade at $231.81 at last check. While the company beat third-quarter estimates, its 2024 outlook missed the mark, with added pressure coming from the Federal Energy Regulatory Commission's (FERC) rejected amendment of an interconnection agreement for an Amazon.com data center at the site of Talen Energy's (TLN) nuclear generating facility in Pennsylvania. CEG is eyeing its worst day on record and earlier fell to its lowest level since September.