Stocks Flat Midday After Paring Morning Losses
The Dow Jones Industrial Average (DJI), S&P 500 Index (SPX), and Nasdaq Composite (IXIC) are all hanging around breakeven, rebounding from sharp morning losses after the U.S. government officially shut down. The stock market has typically brushed off such shutdowns, but investors are wary about the near-term economic impact. Investors are flocking to safe-havens in response, with gold prices hitting more record highs.
Plant-based staple Beyond Meat Inc (Nasdaq: BYND) is surging today, up 16.4% at $2.20 at last glance, extending a rebound from its Sept. 29 record low of $1.23. The price action is drawing options traders, with 30,000 calls and 76,000 puts exchanged so far today -- 6 times the average daily options volume already. The October 1.50 put is the most popular contract, with new positions being opened.
The best performer on the New York Stock Exchange (NYSE) today is Lithium Americas Corp (NYSE: LAC), up 21% at $6.98 after the U.S. government said it will take a 5% minority stake in the mining name. The shares earlier tapped a more than 52-week high of $7.55 and are now 131% higher year-to-date.
Online forum Reddit Inc (NYSE: RDDT) is one of the top three worst stocks on the NYSE this afternoon, last seen down 8.2% at $211.02, after reports showed its content was used in less ChatGPT responses than the previous month. Should these losses hold, today will mark a seventh daily drop in 10 sessions for RDDT. The equity has also broken below the ascending 50-day moving average for the first time since late May.
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