Dow Up Triple Digits After Bank Stress Test, GDP Revision

The Dow Jones Industrial Average (DJI) is up 194 points midday, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) move cautiously higher. Several big bank names are enjoying tailwinds after passing the Federal Reserve's annual stress test, while investors continue to unpack GDP and jobless claims data. Meanwhile, oil prices are on the rise after domestic crude inventories dropped by 9.6 million barrels last week. 

MMC June29

BlackBerry Ltd (NYSE: BBis up 10.4% at $5.58 after the company's surprise first-quarter profit, despite a couple of price-target cuts. Options traders are chiming in as well, with 51,000 calls and 8,940 puts exchanged so far, which is six times the average daily volume. The weekly 6/30 5.50-strike call is the most active contract, with new positions being bought to open there. The stock earlier moved firmly above pressure at the $5.50 level, though the shares are now wavering around it. 

BB June29

FREYR Battery SA (NYSE: FREYis up 21.2% to trade at $9.15 at last glance, after Morgan Stanley upgraded the security to "overweight" from "equal weight," citing the company's progress in commercial milestones, including initial battery production and first cell deliveries that could lead to funding events. Year-to-date, the equity is up 4.5%. 

BioXcel Therapeutics Inc (Nasdaq: BTAIis at the bottom of the Nasdaq today, down 62.6% to trade at $6.61 at the last check. The biotech name flagged issues at a trial site for its Alzheimer's-related drug, BXCL501. Gapping to its lowest levels since December 2019, BTAI is down nearly 69% since the start of the year. 


More By This Author:

Stocks Scatter After Fed Chair Raises Hawkish Alarm
Stocks Mixed Following Hawkish Fed Comments
Dow Snaps 7-Day Skid As Tech Sector Pops

How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.
Or Sign in with