Nasdaq Sinks Triple Digits Ahead Of Big Tech Earnings

Stocks are lower midday, with the Nasdaq Composite (IXIC) sporting a triple-digit loss. Investors are bracing for a possible interest rate hike this week, after the Federal Reserve's two-day policy meeting. In addition, quarterly reports from McDonald's (MCD), General Motors (GM), and a host of Big Tech staples are due out this week, as earnings season heats up even more.

Midday Market Stats January 302023

Carvana Co (NYSE: CVNA) is 34.2% higher to trade at $10.43 at last glance and seeing an unusual amount of options-related activity today. Specifically, more than 93,000 calls and 21,000 puts have been exchanged so far, which is five times the intraday average volume. New positions are being opened at the five most active contracts, with the weekly 2/3 10-strike call standing at the top of the list. Shares of the online used car vendor have flashed meme-like propensities in recent weeks, especially following the company's announcement that it will report earnings on Feb. 23. Year-to-date, CVNA is 113.3% higher.

CVNA Chart January 272023

At the top of the Nasdaq this afternoon is G Medical Innovations Holdings Ltd (Nasdaq: GMVD), with the shares last seen 87.3% higher to trade at $5.62.This comes after the telemedicine solution developer said it was granted a patent for its vital signs monitoring system. Now up 92.2% in 2023, GMVD still sports a 96.6% year-over-year deficit.

HomeStreet Inc (Nasdaq: HMSTis trading near the bottom of the Nasdaq after Wedbush slashed its price target on shares of the financial services company to $30 from $32. The equity was last seen down 14.1% to trade at $25.17, adding to a 46.7% year-over-year deficit.

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