Chinese stimulus chatter is fueling upside, too
The Dow Jones Industrial Average (DJI) has pared a portion of its earlier triple-digit lead, but is still sporting modest gains at midday -- putting the blue-chip index on track for a seventh straight win. In addition to stimulus buzz out of China, traders are reacting to a positive session for tech shares, with upgraded Facebook (FB) highlighting a big day for FAANG stocks. As such, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are eyeing their sixth straight wins, which would mark their longest winning streaks since April and February, respectively.
Continue reading for more on today's market, including:
Macy's Inc (NYSE:M) is seeing unusual options activity today, with roughly 11,000 calls traded, 1.4 times the expected intraday amount and six times the number of puts on the tape. Buy-to-open activity has been detected at the weekly 6/14 22- and 22.50-strike calls, as speculators bet on the retail stock tackling the strikes by this Friday's close, when the weekly series expires. Macy's shares are down 0.1% today at $21.64
Jaguar Health Inc (NASDAQ:JAGX) is at the top of the Nasdaq, after the National Institute of Allergy and Infectious Diseases (NIAID) said it would support animal studies for Napo Pharmaceuticals' -- a subsidiary of JAGX -- cholera drug, lechlemer. In reaction, JAGX is up 58.7% at $11.84 to trade above its 20-day moving average for the first time since late May.
CymaBay Therapeutics Inc (NASDAQ:CBAY) stock is near the bottom of the Nasdaq today, pressured by disappointing data for its nonalcoholic steatohepatitis (NASH) treatment. At last check, CBAY stock was down 46.2% at $5.97 -- fresh off a two-year low of $4.82, and slicing through recent support at its 200-day moving average.
