Stocks Lower as Wall Street Unpacks Global Rate Hikes

All three major benchmarks are heading for a fourth-straight loss

The market is still reeling from the U.S. Federal Reserve’s fourth-straight interest rate hike of 75 basis points yesterday. At midday, the Dow Jones Industrial Average (DJI) and Nasdaq Composite (IXIC) are both down triple digits, while the S&P 500 Index (SPX) sits firmly lower as well, with all three indexes heading toward their fourth-straight loss. Adding to the hawkish nature of central banks around the world, the Bank of England (BOE) raised its interest rates by 75 basis as well — its largest rate hike in 33 years. 

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

  • Roku stock at nearly four-year lows after earnings. 
  • Why options bulls are flocking to Etsy stock
  • Plus, Qualcomm call traders crack on; NerdWallet earnings win; and a bank stock under pressure. 

Qualcomm Inc (NASDAQ:QCOM) is seeing a surge of volume in the options pits today. So far, 67,000 calls and 54,000 puts have crossed the tape, volume that’s five times the intraday average. The December 110 call is the most popular. Though the chipmaker announced positive fiscal fourth-quarter results, with earnings of $3.13 per share matching estimates alongside higher-than-anticipated revenue, its current-quarter forecast is weighing on the shares. Plus, no fewer than 14 analysts cut their price targets. At last glance, QCOM was down 7.6% at $103.92 — a fresh two-year low — and now down 43.4% year-to-date. 

NerdWallet Inc (NASDAQ:NRDS) is one of the top performers on the Nasdaq today, up 35.5% to trade at $13.44 at last check, after the software name’s better-than-expected third-quarter results. Barclays raised its price target by $3 to $16 after the event, while BofA Global Research slashed its price target by $5 to $23. Now trading at its highest levels since February, the stock is still down roughly 13% year-to-date. 

Meanwhile, Lincoln National Corp (NYSE:LNC) is plummeting on the New York Stock Exchange (NYSE), down 31.7% to trade at $35.55 at last check, after the investment bank’s third-quarter earnings miss. J.P. Morgan Securities also slashed the stock’s price target to $55 from $68. This negative price action has LNC at a two-year low, now down 53.2% year-over-year.  

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