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Stocks are mixed as investors unpack the latest Fed update and plenty of economic data

Stocks are mixed midday, with the Dow Jones Industrial Average (DJI) down triple digits. Oil prices are weighing on investor sentiment, after the Organization of the Petroleum Exporting Countries and its allies (OPEC+) decided to keep production increases in place. Wall Street is also eyeing the Federal Reserve’s latest update, after the central bank said it will start tapering its bond-buying program later this month — an indication of economic strength.

The S&P 500 Index (SPX) and Nasdaq Composite (IXIC), meanwhile, hit fresh record intraday highs, while the small-cap Russell 2000 Index (RUT) is modestly higher after earlier hitting an intraday high as well. Meanwhile, the U.S. trade deficit surged to record highs, up 11.2% in September, and initial jobless claims came in at a pandemic low amid the labor shortage. 

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

  • ViacomCBS stock is slipping despite upbeat streaming numbers. 
  • Video game maker rises after earnings beat and raised forecast. 
  • Plus, FSLY options surge after bull notes; SAVA soars higher; and UPLD plummets after downgrades. 

Cloud platform Fastly Inc (NYSE:FSLY) is seeing an options surge today. So far, 45,000 calls and 27,000 puts have crossed the tape, which is six times what’s typically seen at this point. The most popular contract is the weekly 11/5 60-strike call, followed by the November 63 call, with positions being sold to open at both. The tech company announced a better-than-expected third-quarter report after the close yesterday, and no fewer than four analysts raised their price targets — the highest from D.A. Davidson to $53. Up 2.5% to trade at $54.59 at last glance, the stock is trading at four-month highs today.

Near the top of the Nasdaq today is Cassava Sciences Inc (NASDAQ:SAVA), up 39.3% to trade at $78.90 at last check. The company, which is working on an Alzheimer’s treatment, said that the Journal of Neuroscience found no evidence of data manipulation in its 2012 article describing a new approach to treating the disease. SAVA is now trading at its highest level since August, which is when the article was called into question. In just the last week alone, the stock is up 86%. 

Conversely, Upland Software Inc (NASDAQ:UPLD) is one of the worst performing stocks today, down 24.2% to trade at $25.62. The cloud-based software company announced better-than-expected third-quarter earnings after the close yesterday, however, revenue came in below estimates. Both Jefferies and Craig-Hallum downgraded the stock to “hold” from “buy,” alongside price-target cuts, while no fewer than four other brokerage firms lowered their price objectives as well. Now dropping to its lowest levels since March of 2020, UPLD is down 43.4% year-to-date.