Dow Up Triple Digits Ahead of Fed Announcement

Fed Chair Jerome Powell will hold a press conference this afternoon

Digital Content Manager
Jun 15, 2022 at 11:59 AM
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Stocks are extending their premarket gains this afternoon, with traders already eyeing a 75 basis-point interest rate hike from the Federal Reserve by the conclusion of its two-day meeting. Wall Street is speculating on a more than 95% chance the Fed will enact such a hike, which would mark the largest since 1994. The announcement is expected to come this afternoon, during Fed Chair Jerome Powell's press conference. Still, the Dow Jones Industrial Average (DJI) was last seen up 172 points, while the Nasdaq Composite (IXIC) and S&P 500 Index (SPX) are both sitting firmly in the black as well.

Continue reading for more on today's market, including: 

  • What's sending Zendesk stock off its 2-year lows.
  • Analyst sees silver lining for struggling Snowflake stock. 
  • Plus, SJT bounces off key trendline; SIDU soars on NASA contract; and TUYA's post-earnings plummet.

midday stats june 15

San Juan Basin Royalty Trust (NYSE:SJT) is seeing an unusual amount of bullish options activity today, with the 3,044 calls exchanged so far, which is double the intraday average. This is compared to only 76 puts exchanged in the same time period. The most popular position by far is the October 7.50 call, followed by the July 15 call. SJT was last seen up 7% to trade at $10.56, as it attempts to rebound off yesterday's 16.5% pullback, which was mostly captured by the the 80-day moving average. The equity still sports a 72.7% year-to-date lead, though.

Sidus Space Inc (NASDAQ:SIDU) is one of the best performing stocks on the Nasdaq today. The security is up 84.3% to trade at $2.65 at last check, following news the space exploration name will be a teammate on NASA's $3.5 billion Exploration Extravehicular Activity (xEVAS) services contract. The stock is still off 73.6% this year, but looks ready to topple the 50-day moving average for the first time since the trendline formed in February. 

sidu jun 15

One of the worst stocks on the New York Stock Exchange (NYSE) is Tuya Inc (NYSE:TUYA), which is off 21.7% at $2.33 at last check. The software company just stepped into the earnings confessional, posting losses of 7 cents per share for the first quarter, on $55.32 million in revenue, missing Wall Street's estimates. TUYA sports a nearly 90% year-over-year deficit, with overhead pressure emerging at the 80-day moving average. 

 

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