Stocks Edge Lower As Bond Yields Rise

Wall Street is taking a step back, as sentiment wanes and bond yields rise. The Dow Jones Industrial Average (DJI) sports a 174-point haircut at last glance, while the S&P 500 Index (SPX) and the Nasdaq Composite (IXIC) are both slightly lower. Thursday's labor data showed initial jobless claims rose more than expected last week, while mortgage rates declined slightly.

Midday Market Stats October 062022

Call traders are targeting Nordstrom, Inc. (NYSE: JWN) today, as the retailer gears up for the return of in-store holiday shopping. At the midday mark, more than 15,000 calls have crossed the tape, which is four times the average intraday amount and vastly outpacing the 882 puts exchanged so far. The most popular position is the weekly 10/7 20-strike call, followed by the 19.50-strike call in the same series, with positions being opened at both. The equity was last seen down 1.5% at $19.06, however, adding to its 15.3% year-to-date deficit. The equity has struggled since the company's August earnings report, which resulted in a big bear gap on the charts -- one which sent the shares back below their 40-day moving average.

JWN Chart October 062022

Heartbeam Inc (Nasdaq: BEATis one of the best-performing Nasdaq equities this afternoon. Shares are 26.3% higher at last glance, trading at $5.72 after the company expanded its product pipeline to include smartwatch connectivity. Today's pop has the security trading at all-time highs and moving 91% higher year-to-date.

AngioDynamics, Inc. (Nasdaq: ANGO), meanwhile, is one of Nasdaq's worst-performing stocks, sitting 15.8% lower to trade at $18.15 at last glance. This comes after the medical technology concern reported wider-than-expected losses for the fiscal first-quarter, as well as revenue that missed analysts' estimates. ANGO is trading just above its May 10, annual low of $17.56, and remains 30.3% lower in 2022.


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