Stocks Move Higher Midday, Still Pacing For Weekly Losses

Stocks are continuing their rollercoaster pattern midday, as Wall Street attempts to lift itself out of the worst selloff since March 2020. The Dow Jones Industrial Average (DJIis up a modest 66 points but was off triple digits at its session lows. Meanwhile, the S&P 500 Index (SPXand Nasdaq Composite (IXIC) remain in correction territory, though both sport solid gains at last check. Nevertheless, all three indexes are looking to extend their weekly losing streaks, while the Cboe Volatility Index (VIXheads toward its fourth consecutive weekly win.

Injecting optimism into the market today is a better-than-expected earnings report from Apple (AAPL), as well as upbeat consumer spending data for December. Meanwhile, the core Personal Consumption Expenditures (PCE) prices index surged to its highest level since 1983.

MMC Stats 0128

Tusimple Holdings Inc (Nasdaq: TSP) is seeing an unusual amount of bearish options activity today. So far, 17,000 puts have crossed the tape -- 19 times the intraday average -- compared to just 100 calls. Most popular is the March 10 put, followed by the 14 put in the same series, with new positions being opened at both. TSP was last seen down 1.6% to trade at $15.65, and earlier fell to a record low of $14.92, with no catalysts immediately apparent. The shares' 10-day moving average has kept a lid on TSP for most of January. Over the past nine months, shares have shed 60.7%.

TSP 10 Day

Towards the top of the Nasdaq, today is Clearfield Inc (Nasdaq: CLFD), last seen up 13.2% at $55.05. Today's pop came after the company reported better-than-expected fiscal first-quarter earnings and revenue, and raised its annual guidance. The shares have pulled back quite dramatically from a Dec. 30, all-time high of $86.70. Year-over-year though, CLFD sports a 64.3% lead.

Edgewise Therapeutics Inc (Nasdaq: EWTXis one of the worst performers on the Nasdaq, last seen down 15% to trade at $11.71. While there is no clear reason for this negative price action, the broader market selloff could be weighing on the shares. EWTX earlier fell to an all-time low of $11,50, and are down 58.8% year-over-year.

Disclaimer: Schaeffer's Investment Research ("SIR" or "we" or "us") is not registered as an investment adviser. SIR relies upon the "publishers' ...

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