The Dow erased its premarket gains
The Nasdaq Composite (IXIC) is up triple digits midday, hitting fresh record highs as it looks to build off a fourth-straight weekly win. The S&P 500 Index (SPX) is modestly higher, while the Dow Jones Industrial Average (DJI) pulls back from its premarket gains to drop quietly into the red, eyeing its eighth daily loss and longest daily losing streak since June 2018. Meanwhile, this week's Fed meeting is in focus and U.S. Treasury yields are slipping from their recent highs amid buying momentum.
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Options traders are targeting Broadcom Inc (NASDAQ:AVGO), as the stock continues to surge after surpassing the $1 trillion market cap. So far, 496,000 calls and 292,000 puts have been exchanged, which is 5 times the average daily options volume already. The December 250 call is the most popular, where new positions are being sold to open. At last look, AVGO was up 7.1% at $240.76, and earlier hit a record high of $247.32.
Edgewise Therapeutics Inc (NASDAQ:EWTX) is up 21.8% at $31.65 at last glance, and was earlier as high as $38.12, after the company's genetic disorder drug met its main goal in a mid-stage study. Recent pressure at the $34 level appears to be keeping a cap on today's gains, however. Year to date, the equity is up 206%.
RH (NYSE:RH) is down 6% at $419.35 at last glance, pulling back from last session's nearly three-year highs after its improved sales guidance. Shares still remain firmly above the $400 level, however, which acted as pressure prior to
Friday's bull gap. Year to date, the equity is up 43.3%.