Positive economic data is pushing the major indexes higher
The Dow Jones Industrial Average (DJI) is up around 70 points midday, coming back from its pre-market lows after it was reported that U.S. manufacturing activity for August reached its highest level in 19 months and services at their highest level in 17 months. Also joining the positive economic data, existing home sales for July saw a record month-over-month jump of 24.7%.
Meanwhile, the S&P 500 Index (SPX) is hovering above breakeven, while the Nasdaq Composite (ICIX) is on the rise after earlier hitting yet another intraday high. Currently, after a week of fresh record highs, these two benchmarks are on track for weekly gains as the Dow eyes weekly losses. Crude prices are taking a hit, however, down 3% at $41.58, at last check.
Continue reading for more on today's market, including:
- Tractor name drives to record highs after earnings beat.
- Price-target hike sends SAM higher.
- Plus, Chinese e-commerce name sees options surge; BKE rises on a stellar second quarter; and GRWG falls from highs.
One stock seeing notable activity in its options pits is Chinese e-commerce company Pinduoduo Inc (NASDAQ:PDD), last seen down 11.7% at $85.76, after a wider-than-expected second-quarter operating loss due to maintenance costs during the pandemic -- despite just reporting better-than-expected revenue and earnings. So far, 24,000 calls and 15,000 puts have crossed the tape -- six times what's typically seen at this point. Most popular is the expiring August 80-strike put. PDD is now flat for the quarter and on the short-sale restricted list.
One stock climbing the New York Stock Exchange (NYSE) today is Buckle Inc (NYSE:BKE), up 24.7% at $20.42 at last check, after its second-quarter report soared past expectations. Now trading above $20 for the first time since early March, the stock is down around 22% year-to-date. The 320-day moving average, a trendline that has rejected the stock at the $19 region, is swooping in as potential support.
On the other hand, dropping lower on the Nasdaq is GrowGeneration Corporation (NASDAQ:GRWG), down 13.2% at $15.83 at last check. Likely winding down from its post-earnings surge, the stock is still up 283% year-to-date. Unless today's losses become much steeper, the stock is also looking at its sixth-straight week of gains.