The DJIA is set to snap its eight-day losing streak
The Dow Jones Industrial Average (DJIA) has overcome a slow start to trade well into positive territory, as the index looks to snap its historic losing streak. Impressive economic data could be providing a lift for stocks, with consumer confidence in March surging to its highest point since 2000. As such, bank stocks are recovering to guide the Dow and S&P 500 Index (SPX) higher, with the tech-heavy Nasdaq Composite (COMP) gaining, as well. Traders are also digesting a rebound in oil prices, with May-dated crude futures up 1.9% at $48.62 per barrel.
Continue reading for more on today's market -- and don't miss:
- 2 stocks moving on M&A buzz.
- Founder and CEO Bernie Schaeffer dives into the recent junk bond options explosion.
- Plus, Tesla calls active; a drug stock that's tripled today; and how Facebook is putting a dent in Snap's momentum.
Among the names seeing accelerated options trading is electric auto stock
Tesla Inc (NASDAQ:TSLA), following news China's Tencent took a 5%
passive stake in the company. Call volume is running at two times the expected intraday rate, thanks to intense interest in the weekly 3/31 series, which accounts for the 10 most popular contracts today. Leading the way is the weekly 3/31 280-strike call, where a mix of activity is taking place. Also seeing notable activity is the weekly 3/31 295-strike call, where buy-to-open action has been detected. As such, these options traders are betting on TSLA stock eclipsing $295 -- record-high territory -- by the end of the week, when the options expire. TSLA was last seen 2.5% higher at $277.11
Catalyst Biosciences Inc (NASDAQ:CBIO) is easily the top gainer on the Nasdaq, with the biotech stock booming 208% to trade at $15.86. Causing the surge is news the drug company's new drug application for its hemophilia B treatment has been approved in South Korea. CBIO stock is now on pace for its best close since early December.
Wall Street rookie Snap Inc (NYSE:SNAP) is underperforming on the NYSE today, after Facebook Inc (NASDAQ:FB) announced several new features to challenge the Snapchat parent. The shares have so far lost 5.1% to trade at $22.61, giving back all of yesterday's gains, when SNAP stock rallied on bullish analyst attention.
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