Stocks Struggling for Direction in 'Meandering' Market

This week brings the end of the second quarter and first half of the year

Digital Content Manager
Jun 27, 2022 at 12:02 PM
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Stocks are struggling for direction midday, as the major benchmarks attempt to keep up last week's momentum. The Dow Jones Industrial Average (DJI) was last seen up 39 points, while the S&P 500 Index (SPX) is flat, and the Nasdaq Composite (IXIC) is slightly below breakeven. Baird's Ross Mayfield said in an interview with CNBC there still isn't a clear driver for what has been a "meandering" market, as investors approach the end of the second quarter and first half of the year with sizeable losses.

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

    • Airline stock tumbling amid takeover bid buzz. 
    • Behind Axsome Therapeutics' latest FDA update
    • Plus, HOOD gets analyst upgrade; NRSN pops on upbeat trial data; and BRQS bottoms out on reverse stock spilt.

    midday stats june 27

    Robinhood Markets Inc (NASDAQ:HOOD) is seeing an unusual volume of bullish options activity today, with 76,000 calls exchanged so far, which is double the intraday average amount. The two most popular contracts by far are the weekly 7/1 8.50- and 9-strike calls, with positions being opened at both. HOOD was last seen up 3.5% at $8.28. after Goldman Sachs upgraded the security to "neutral" from "sell," though it slashed its price target to $9.50 from $11.50. The equity is still down 53.5% in 2022, with pressure at the 20-day moving average. 

    hood chart june 27

    One of the best stocks on the Nasdaq today is Neurosense Therapeutics Ltd (NASDAQ:NRSN). The security was last seen up 59.3% at $2.71 after posting upbeat results for its Stage 3 biomarker study for its leading drug cocktail candidate in patients with amyotrophic lateral sclerosis (ALS). NRSN is up 8% this year, and looks ready to close above a long-term ceiling at the 80-day moving average for the first time since April. 

    Borqs Technologies Inc (NASDAQ:BRQS) is one of the worst stocks on the Nasdaq today, last seen down 24.7% to trade at $2.14. On Friday, Borqs announced a 1-for-16 reverse stock split, which was enacted today. The security has shed almost 80% in the last nine months, and earlier hit a record low $2.06. 

     

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