Stocks Reverse Gains Ahead Of Slew Of Inflation Data

Stocks are lower this afternoon, as investors await a deluge of inflation data amid a rally for the banking sector. At last check, the Dow Jones Industrial Average (DJI) is off 81 points, while the Nasdaq Composite Index (IXIC) and S&P 500 Index (SPX) are more modestly lower. 

Midday Market Stats May 82023

Put traders are blasting 3M Co (NYSE: MMMtoday, as the blue-chip stock works lower, last seen down 1.4% at $101.85. Though there's no clear catalyst for the negative price action, 9,573 puts have been traded so far, or triple the intraday average amount. The most popular contract by far is the August 80 put. In the last 12 months, 3M stock has shed 31.8%.

MMM Chart May 82023

ANI Pharmaceuticals Inc (Nasdaq: ANIPis up 12.5% to trade at $44.04 this afternoon after the pharmaceutical concern beat first-quarter earnings and revenue estimates. In addition, the company lifted its 2023 forecast. Year-over-year, ANIP is 59.3% higher. 

Marathon Digital Holdings Inc (Nasdaq: MARA) is lower after Binance halted Bitcoin (BTC) withdrawals for several hours today amid heavy volumes. The news is weighing on several cryptocurrency- and blockchain-related equities, with MARA was last seen down 8.7% at $9.57. Year-to-date, Marathon Digital stock is more than 180% higher.

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