Wall Street Mixed As Default Showdown Drags On

Wall Street is choppy once more at midday, as U.S. President Joe Biden and House Speaker Kevin McCarthy prepare to meet at 5:30 p.m. ET to discuss the debt ceiling. Fresh off its best week of the month, the Dow Jones Industrial Average (DJI) sits in the red, the S&P 500 Index (SPX) is flat, and the Nasdaq Composite Index (IXIC) is comfortably higher. 


Midday Market Stats May 222023

U.S. listed shares of Chinese companies are surging today, after the People's Bank of China left 1- and 5-year loan prime rates unchanged. Electric vehicle (EV) stock Nio Inc (NYSE: NIO) is no exception, last seen up 8.6% at $8.76. Already today, more than 121,000 bullish bets have exchanged hands, volume that's quadruple the intraday average amount. The two most popular positions, the weekly 5/26 9-strike and 8.50-strike calls, respectively, are seeing new positions opening at the moment. Nio stock just reclaimed support from its 30-day moving average, but is still saddled with a 17.3% year-to-date deficit.

NIO Chart May 222023

Hepion Pharmaceuticals Inc (Nasdaq: HEPAis up 8.9% at $12.51 at last glance, standing near the top of the Nasdaq after the company's fatty liver disease treatment met its main goal in a mid-stage trial. Year-to-date, HEP is up 111.7%.

Conversely, Vita Coco Company Inc (Nasdaq: COCOis down 8.6% at $22.31 today, after Verlinvest Beverages -- Vita Coco's largest shareholder shareholder -- plans to offer 4.5 million shares of the company. Despite today's dip, COCO stock is still 30.8% higher in 2023.

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