Major Benchmarks Modestly Lower at Midday

Stocks have pared a good portion of their premarket losses

Deputy Editor
Feb 6, 2023 at 11:49 AM
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The major indexes are lower at midday, though giving back a good portion of their premarket losses, with the Dow Jones Industrial Average (DJI) down 82 points as the market succumbs to a bout of profit-taking following a strong start to the year. Rising bond yields are giving investors pause today as well, as Wall Street looks ahead to this week's corporate earnings and scheduled remarks from Fed Chair Jerome Powell. 

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

MMC Feb6

Options bulls are targeting ON Semiconductor Corp (NASDAQ:ON) after the company's fourth-quarter results beat and disappointing current-quarter forecast. So far, 22,000 calls have crossed the tape -- eight times the intraday average -- alongside to 8,464 puts. The weekly 2/10 82-strike call is the most active contract, with new positions being sold to open. ON is up 2.7% at $83.08 last glance, and earlier hit a record high of $84.55.

ON Feb6

Today's buzz around AI stocks from individual investors has SoundHound AI Inc (NASDAQ:SOUN) soaring, up $38.7% at $3.91 at last glance -- earlier as high as $4.48. The shares sank into penny stock territory this past June, but have rallied 130% since the start of the year.  

Meanwhile, ReShape Lifesciences Inc (NASDAQ:RSLS) is firmly at the bottom of the Nasdaq today, down 60.7% at $6.69 at last check, after the weight-loss name's deeply discounted share offering. The stock soared to its highest level since September during last session's trading, and is now hovering at its year-to-date breakeven level. 

 

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