Stocks Sluggish After Fed Chair Comments

Wall Street is struggling for direction today, with all three major indexes trading on both sides of the aisle. Federal Reserve Chairman Jerome Powell avoided the topic of interest rate policy earlier this morning, and in response the Dow Jones Industrial Average (DJI), Nasdaq Composite Index (IXIC), and S&P 500 Index (SPX) are all trading just around breakeven. Elsewhere, gold is also starting 2023 off on the right foot, with the safe-haven asset trading near an eight-month high, last seen up 0.4% at $1,879.49 per ounce.

Midday Market Stats January 102023

Bank of America added Warner Bros Discovery Inc (Nasdaq: WBD) to its "US 1 List," of the firm's best investment ideas. Call traders are targeting WBD in response, with 29,000 bullish bets across the tape already today -- double the intraday average volume. The most popular is the March 12.50 call, followed by the weekly 1/13 12-strike call. At last glance, Warner Bros Discovery stock is up 3.9% to trade at $12.07, though the 140-day moving average is keeping a lid on today's gains. Year-to-date, WBD is up 28.5%.

WBD Chart 2 January 102023

Oak Street Health Inc (NYSE: OSHis trading near the top of the New York Stock Exchange (NYSE), following a Bloomberg report that the company is in buyout talks with CVS Health (CVS). Last seen up 28.5% to trade at $29, OSH now sports a 16.6% year-over-year lead. Today's bull gap has Oak Street Health stock trading at its highest level since August.

RBC downgraded Rayonier Advanced Materials Inc (NYSE: RYAMto "sector perform" from "outperform," and cut its target price to $8 from $9. The news has RYAM trading 27.7% lower, last seen trading at $6.63 and near the bottom of the NYSE. The shares were saved by the $6.60 level, but are still trading at their lowest level since November.

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