Stocks Pop as Wall Street Bets on Debt Ceiling Deal

The Nasdaq is on track for its fifth-straight winning week

Deputy Editor
May 26, 2023 at 11:59 AM
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Wall Street is in rally mode this afternoon, as traders bet a debt ceiling deal will be reached before the June 1 deadline. The Dow Jones Industrial Average (DJI) is 275 higher, but is still headed for a weekly loss. The Nasdaq Composite Index (IXIC) is up triple digits as it extends yesterday's rally, and on track to log its fifth-straight winning week, while the Cboe Volatility Index (VIX) is set to snap two consecutive weeks of losses.

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

  • Big Lots doubles quarterly loss estimates.
  • Why Gap stock is brushing off bear notes.
  • Plus, MRVL calls pop after earnings; what boosted MediaAlpha stock; and SPCE grounded once again.

Midday Market Stats May 262023

Marvell Technology Inc (NASDAQ:MRVL) stock is up 26.1% at $62.38 this afternoon, after the semiconductor name reported a top- and bottom-line beat for the first quarter. The company also said its anticipates accelerating revenue growth. So far, 165,000 calls have been traded, or 17 times the intraday average volume. New positions are opening at the five most popular contracts, led by the weekly 5/26 65-strike call that expires at the close. Shares are trading at their highest level in 12 months, but remain a far cry away from their Dec. 8, 2021 all-time high o $93.85

MRVL Chart May 262023

MediaAlpha Inc (NYSE:MAX) is up 30.7% at $9.93 at last glance, after White Mountains Insurance Group and WM Hinson commenced a tender offer for up to 5 million shares of the advertising company. Trading at the top of the New York Stock Exchange (NYSE) this afternoon, MAX still sports a fractional year-to-date deficit.

Virgin Galactic Holdings Inc (NYSE:SPCE) is trading at the bottom of the NYSE, even after the space tourism company completed its first crewed flight in roughly two years. Investors seem stuck on operational and financial risks, according to Barron's. Shares were last seen down 17% at $3.37, are down nearly 50% over the last 12 months. 

 

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