The Dow was last seen up 93 points
The Dow Jones Industrial Average (DJI) is 93 points higher this afternoon, while the S&P 500 Index (SPX) and Nasdaq 100 Index (NDX) are also sporting solid gains. Investors are attempting to brush off comments from Federal Reserve Vice President Lael Brainard, which reignited rate hike concerns. Specifically, Brainard told CNBC traders should not expect a pause in the current rate-hiking cycle in the near future. “We’ve still got a lot of work to do to get inflation down to our 2% target,” she added.
A warning from Microsoft (MSFT) that its earnings and revenue would miss analysts’ estimates initially dinged markets, though general strength in the tech sector is likely keeping stocks afloat. In other news, the ADP private payrolls report showed job creation is slowing down.
Continue reading for more on today’s market, including:
- UBS is predicting major upside for this energy stock.
- Lands’ End stock is brushing off a mixed quarterly report.
- Plus, options bulls target FCX; IMMX bounces off key trendline; and why IMUX hit record lows.
RBC noted earlier there could be a “modest” copper surplus this year, as new mining projects help supply outstrip demand in 2023 and 2024, and added copper prices may rise to $4.32 per pound. These comments have options bulls targeting mining concern Freeport-McMoRan Inc (NYSE:FCX), which was last seen up 5.3% at $41.74, set to topple its 40-day moving average for the first time since a late-April plummet. So far today, 42,000 calls have exchanged hands, which is double the intraday average, as opposed to 18,000 puts. The most popular contract is the 6/3 42-strike call, where positions are being opened, followed by the June 42 call.
One of the best performing stocks on the Nasdaq today is Immix Biopharma Inc (NASDAQ:IMMX). The stock was last seen up 31.3% at $2.43, as the security attempts to recover from a three-day selloff that stopped just short of its 40-day moving average. Last week, the company filed a preliminary prospectus regarding the offering of 1.7 million shares of its common stock. Year-to-date, IMMX is still down roughly 34%.
One of the worst performers on the Nasdaq is Immunic Inc (NASDAQ:IMUX), after news that its lead asset vidofludimus calcium (IMU-838) did not pass a phase 2 trial in patients with ulcerative colitis (UC). The company said it has paused any more plans for development without a partner. The equity was last seen down 41.6% at $3.45, gapping to a fresh record low of $2.52 right out of the gate. IMUX now carries a 62.6% year-to-date deficit.