Stocks Remain Shaky Midweek, Dow Sporting Muted Gains
As the first half of 2022 draws to an end, stocks continue to struggle for direction. The Dow Jones Industrial Average (DJI) was last seen up 53 points, while the S&P 500 Index (SPX) and the Nasdaq Composite (IXIC) are both sporting midday losses. Investors are eyeing this morning's contracted 1.6% revised gross domestic product (GDP) reading for the first quarter, as well as comments from Federal Reserve Bank of Cleveland President Loretta Mester. Mester said she would support a 75 basis point rate hike during the Fed's July meeting, should the economic landscape not change.
Peabody Energy Corporation (NYSE: BTU) is seeing a jump in bullish options activity today. So far, 12,000 calls have been exchanged, which is double the intraday average. The two most popular contracts by far are the July 30 and 31 calls, with positions being bought to open at the latter. BTU was last seen down 4.6% at $22.71, implying these traders are speculating on plenty of upside by the time these contracts expire in mid-July. Year-to-date, BTU has added an impressive 123.3%.
One of the best performing stocks on the Nasdaq today is Akouos Inc (Nasdaq: AKUS). The equity is up 16.8% at $5.68 at last check, and while it is not clear why it is charging up the charts, AKUS is now pacing for its biggest monthly jump on record, as it's up roughly 82.7% in June so far. The security has found solid support at its 20-day moving average, and is looking at its first close atop the 150-day moving average since March 2021.
Aspen Aerogels Inc (NYSE: ASPN) is one of the worst stocks on the New York Stock Exchange (NYSE) today. ASPN was last seen down 39.9% at $8.82 after the company said it was planning to offer $225 million in common stock and $150 million in aggregate principal amount of green convertible senior notes, which will be due in 2027. These two public offerings will be separate but run concurrently. ASPN earlier hit a fresh one-year low of $8.53, and now suffers a year-to-date deficit of 82%.