Nasdaq, S&P 500 Higher As Bond Yields Retreat

Investor sentiment is boosted today by a better-than-expected consumer price index (CPI) reading for April. Treasury yields are falling after the report, with the 2- and 10-year notes falling 7.5 and 6 basis points, respectively. As a result, the tech-heavy Nasdaq (IXIC) sports a sizeable midday lead, while the S&P 500 Index (SPX) is cautiously higher. Sitting out the rally though is the Dow Jones Industrial Average (DJI), as cyclical stocks tied to the economy trade mostly lower.

Midday Market Stats May 102023

Rivian Automotive Inc (Nasdaq: RIVNis 10.8% higher this afternoon, last seen trading at $15.35 after the electric vehicle (EV) maker reported narrower-than-expected first-quarter losses. In addition, the company said it's on track to meet its 2023 50,000-vehicle production goal. In response, total options volume is running at seven times what's typically seen at this point, with 67,000 calls and 68,000 puts exchanged so far. New positions are opening at the most popular contract, the weekly 5/12 13.50-strike put. RIVN is up 20% already in May, reclaiming a long-resistant 60-day moving average.

RIVN Chart May 102023

CTI BioPharma Corp (Nasdaq: CTICsurged to the top of the Nasdaq today, after the biotechnology firm agreed to be acquired by Orphan Biovitrum (SOBI) for $9.10 per share in cash -- an implied equity value of roughly $1.7 billion. CTIC is 84.9% higher to trade at $8.91 at the last check, now boasting a 125.7% year-over-year lead.

Health Catalyst Inc (Nasdaq: HCAT) is 14.7% lower at last glance, trading at $10.19 after a round of post-earnings bear notes pored in. Despite reporting first-quarter earnings and revenue that beat Wall Street's estimates, Raymond James downgraded HCAT to "market perform" from "strong buy," while RBC and Evercore ISI each cut their respective price target to $13. Health Catalyst stock is 5.2% lower in 2023.

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