Stocks Boast Midday Gains On Road To Big Weekly Weekly Wins

Wall Street is brushing off a dismal earnings report from (AMZN), and opting to favor unsurprising inflation and steady consumer spending data. Specifically, the employment cost index rose in line with economists' estimates, while consumer spending rose a better than expected. As a result, the Dow Jones Industrial Average (DJI) sports a 586-point lead and is on track for a fourth-straight weekly and sixth-consecutive daily win. The S&P 500 Index (SPX) and Nasdaq Composite Index (IXIC) are notably higher as well, as each index heads for a second-straight week in the black.

Midday Market Stats October 282022

Halfway through the session, Pinterest Inc (NYSE: PINShas already seen more than 59,000 calls and 26,000 puts exchanged, which is six times the average intraday volume. The most activity is taking place at the weekly 10/28 26-strike call, which indicates these traders see more upside for Pinterest stock by the session's end. At last check, PINS was trading at $24.94, boasting a 13.6% midday lead, though it remains down 45.5% year over year. This rise follows the company's upbeat third-quarter results, as well as a deluge of post-earnings bull notes. Today's pop also put PINS back above its 200-day moving average, a trendline that has moved between support and resistance multiple times over the last month.

PINS Chart October 282022

At the very top of the Nasdaq, today is Nuvalent Inc (Nasdaq: NUVL), which is trading near record highs after the company reported positive data from a lung cancer therapy study. Nuvalent stock was last seen 66.4% to trade at $36.59, with further tailwinds coming after BMO hiked its price HTML target to $50 from $28. Thanks to today's surge, the shares are now up more than 97% in 2022.

Meanwhile, Barrington Research downgraded LeMaitre Vascular Inc. (Nasdaq: LMATto "market perform," after the company reported third-quarter profits and revenue that fell below analysts' estimates. LMAT is 15.6% lower at last glance to trade at $43.73 and sitting near the bottom of the Nasdaq. Now pacing for its worst week of the year, LeMaitre Vascular stock is now 13.7% lower year-to-date.

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