Stocks Mixed As VIX Extends Lows

Stocks are struggling for direction midday. The Dow Jones Industrial Average (DJI) is slightly below breakeven, while the S&P 500 Index (SPX) and Nasdaq Composite Index (IXIC) inch toward their multi-month highs. Wall Street's "fear gauge," the Cboe Volatility Index (VIX), meanwhile, hit its lowest level since July 2021. 

MMC June6

Options bulls are targeting Unity Software Inc (NYSE: U) stock, which was last seen down 2.3% at $35.50 at last check. U surged yesterday after Apple (AAPL) unveiled its mixed-reality headset, which the videogame software developer has contributed to, and is now firmly above the 180-day moving average. So far, 114,000 calls have crossed the tape -- eight times the amount typically seen at this point -- in comparison to 19,000 puts. The weekly 6/9 40-strike call is the most popular, with positions opening there.

U June6

Hoth Therapeutics Inc (Nasdaq: HOTHis at the top of the Nasdaq today, after positive data from an animal study of its Alzheimer's therapy. The shares are up 81.1% to trade at $3.41 at last glance and were earlier as high as $4.30. Still firmly in penny stock territory, HOTH is down roughly 57% year-to-date. 

Medical equipment stock Novocure Ltd (Nasdaq: NVCR), meanwhile, is down 30.9% at $57.03 at last glance, amid concerns over data for its lung cancer therapy. Year-to-date, the equity is down 21.7%. 

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