Stocks Slide as Bond Yields, VIX Tick Higher
Investors may be expressing disappointment over the Fed's decision to not cut rates
Stocks are pulling back today, as investors react to corporate earnings and yesterday's Fed decision. The Dow Jones Industrial Average (DJI), S&P 500 Index (SPX), and Nasdaq Composite (IXIC) are all in the red, while the yield on the 10-year Treasury note rises. And even as strong earnings from the likes of Under Armour (UAA) have helped keep the losses in check, the Cboe Volatility Index (VIX) is rising to flirt with its highest close in over a month.
Continue reading for more on today's market, including:
2 reasons soaring Zynga stock could keep going higher.Why an earnings beat wasn't enough for Square. Plus, a hot education stock; another impressive IPO; and Pyxus sinks again.
One stock's that's been red hot is Strategic Education Inc (NASDAQ:STRA), and options traders may be betting on more upside with unusual activity taking place today. Specifically, new positions are opening at the May 165 call, where a trader may be rolling up their position from the May 160 call. STRA stock was last seen trading at $158.15, after hitting an eight-year high of $161.58. The shares soared in Wednesday's trading thanks to an impressive earnings release, and currently sport a 39% year-to-date lead.
China-based So-Young International (NASDAQ:SY) is soaring in its public trading debut, up 39% at $19.15. The shares of the online platform that helps people find plastic surgery services are following the lead of other recent successful initial public offerings (IPOs) such as Pinterest (PINS). SY's IPO was priced at $13.80 per share.
One of the worst stocks on the New York Stock Exchange (NYSE) is Pyxus International Inc (NYSE:PYX), as the tobacco name suffers heavy losses for a second straight session, though it's not clear why. PYX shares were last seen down 10.8% at $18.39, after losing 9.7% on Wednesday.