SPX Turns Lower as Dow Keeps Diving

The S&P 500 Index (SPX) has erased its earlier gains to join the Dow Jones Industrial Average (DJI) in the red this afternoon, as investors anticipate the latest economic update from the Federal Reserve due out later today. The blue-chip index is off over 200 points, dampened by Boeing's (BA) 6% midday deficit. Tech stocks, meanwhile, are still climbing, putting even more fuel in the Nasdaq Composite's (IXIC) rally. Elsewhere, a rise in U.S. crude inventories is keeping the weight on black gold, with July-dated crude futures down 0.7% to trade at $38.65 per barrel, at last check. 

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

• Best Buy is set to bring back over 9,000 of its furloughed employees next week. 
• Breaking down GameStop's wild first-quarter surge in e-commerce sales. 
• Plus, bulls bet on SNAP after hitting fresh highs; penny stock triples on $3.2 million in purchase orders; and IMRN takes a breather. 

Snap Inc (NYSE:SNAP) is seeing an uptick in bullish activity in the options pits today, after BofA Global research lifted its price target to $24 from $20. So far 102,000 calls have crossed the tape -- double what is typically seen at this point -- nearly five times the number of puts traded. The weekly 6/12 21.50-strike call is the most popular, with new positions being opened here. SNAP is down 1.4% to trade at $20.80 at last glance, despite hitting a new two-year high of $21.14 earlier today. 

Power systems concern DPW Holdings Inc (NYSE:DPW) is the best performer on the New York Stock Exchange (NYSE) today, up 279.6% to trade at $5.35, after its unit Gresham Worldwide Inc said it received purchase orders worth $3.2 million from four different global defense contractors. DPW is set to close atop its 200-day moving average -- a trendline it has been butting up against for the past few weeks -- for the first time since April 2018

Immuron Ltd (NASDAQ:IMRN) has gone from one of the best stocks on the Nasdaq yesterday to the worst today. The security is down 41.4% at $11.79, after surging over 800% yesterday following news of a meeting with the Food and Drug Administration (FDA) to discuss stage 2 trials of their new acute diarrhea treatment. Despite the pullback, IMRN is still up 215% in 2020.