Stocks Wipe Premarket Gains; S&P 500, Nasdaq Eye 4th-Straight Loss

Stocks have once more erased their morning gains, with both the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) now on track for a fourth-straight dip. The Dow Jones Industrial Average (DJI) is also in the red, as Wall Street unpacks the latest quarterly reports. Comments from Federal Reserve Jerome Powell indicating it could be a while yet until interest rate cuts are viable are also taking their toll on Wal Street.

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United Airlines Holdings Inc (Nasdaq: UALstock is up 11.3% to trade at $46.19, after the company beat first-quarter profit and revenue expectations, and also issued an upbeat current-quarter forecast. Options volume is now running at seven times the intraday average, with 64,000 calls and 64,000 puts trade so far. The most popular is the April 45 put, where positions are being bought to open, followed by the 46 call in that series. The equity is bouncing off a pullback to the $40 level and sports a 12.9% year-to-date lead.

CoreCard Corp (NYSE: CCRD) is leading the New York Stock Exchange (NYSE) today,last seen up 11.2% to trade at $14.61. While there is no catalyst for today's positive price action, shares hit their highest level since late November earlier, are on track to score a third-straight win after adding 23.7% in the previous session. CCRD is up 20.3% in the last three months.

Meanwhile, Montrose Environmental Group Inc (NYSE: MEG) is one of the worst stocks on the NYSE, down 10.8% at $37.41 at the last check, after the company announced the public offering of 3 million shares. Shares are pulling back from their April 12, seven-month high of $45.65, but the 60-day moving average looks ready to contain additional losses. MEG is up 18.2% in 2024.

MEG 60 Day

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