Wall Street Mostly Lower As Rising Yields Overshadow Earnings

Equities in the U.S. are mostly lower this afternoon, as rising bond yields outweigh a solid batch of corporate earnings. The quarterly report from Netflix (NFLX) was especially strong, but the 10-year Treasury yield's ascent to 4.1% did little to qualm investors' fears about a looming recession. At last check, the Dow Jones Industrial Average (DJI) is 76 points higher, while the Nasdaq Composite Index (IXIC) and S&P 500 Index (SPX) are both sinking into red ink. 

Midday Market Stats October 192022

United Airlines Holdings Inc (Nasdaq: UAL) options are popping today after the company's unit revenues finished 25% higher than 2019. United Airlines also forecast another profit for the end of 2022 as travel demand grows more than anticipated. So far, 52,000 calls and 43,000 puts have been exchanged, or five times the intraday average. New positions are being opened at the most popular contract, the October 40 call. At last glance, UAL was up 7.3% to trade at $39.96 and pacing for its first close above its 100-day moving average since June. Year-to-date, UAL is down 8.4%.

UAL Chart October 192022

Near the top of the Nasdaq this afternoon Intuitive Surgical, Inc. (Nasdaq: ISRG), last seen up 12.6% to trade at $218.10. The shares are seeing tailwinds from third-quarter earnings and revenue beat, which also resulted in a deluge of bull notes. Year-to-date, however, ISRG is still 35.7% lower.

Establishment Labs Holdings Inc (Nasdaq: ESTA) is near the bottom of the Nasdaq, down 16.6% at $46.98 and trading at its lowest level since January 2021. This comes after Block & Leviton opened an investigation into the company for potential securities law violations. The shares are now 38% lower in the last 12 months.


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