Stocks Higher Midday; VIX Looks To Snap Losing Streak

Wall Street is higher this afternoon, as investors react to rising regional bank stocks and digest the latest jobs data. The Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) sport modest midday gains, while the Nasdaq Composite Index (IXIC) sports a triple-digit lead. Meanwhile, the Cboe Volatility Index (VIX) is on track to snap a four-day losing streak.

Midday Market Stats March 302023

As questions swirl concerning the merger between Microsoft (MSFT) and Activision Blizzard Inc (Nasdaq: ATVI), ATVI is seeing an increase in bearish options activity. Even after the Japan Fair Trade Commission yesterday said a merger will not harm competition, put volume is running at triple the intraday average amount, with the most activity taking place at the January 19, 2024, 85-strike put. The stock was last seen 0.5% higher to trade at $84.99. A recent bull gap on the charts put the equity at its highest level since January 2022, and back above its year-to-date and year-over-year breakeven levels.

Sprinklr Inc (Nasdaq: CXMis 15.4% higher this afternoon and reeling in bull notes, after the software concern yesterday reported better-than-expected fourth-quarter earnings and revenue as well as strong guidance. Last seen trading at $12.56, CXM now stands at its highest level since August, boasts a 54.7% year-to-date lead, and just gapped above its 320-day moving average.

CXM March 302023

Elsewhere, Silvergate Capital Corp (Nasdaq: SIwas last seen down 7.3% at $1.71, as the embattled bank continues to deal with the recent sector fallout and a dip in Bitcoin (BTC). The shares, which are firmly in penny-stock territory, now stand nearly 100% lower over the last 12 months.

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