Big Tech is lifting the Nasdaq today
The Dow Jones Industrial Average (DJI) is down almost triple-digits midday, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are hanging on to slight gains, hoping to snap a four-day losing streak. Big Tech is helping lift the market, as well as Federal Reserve Chairman Jerome Powell's reassurance that the central bank is committed to helping the economy for "as long as it takes." Nevertheless, possible new coronavirus restrictions in the U.K. are weighing on sentiment, while the U.S. coronavirus death toll tops 200,000.
Continue reading for more on today's market, including:
- Blue chip retailer boosted on Goldman Sachs partnership.
- See why GameStop stock scored an annual high.
- Plus, options bulls blast casino stock; CVNA soars on raised guidance; and the roller-coaster ride from this software stock.
One stock seeing notable options activity is Melco Resorts & Entertainment Ltd (NASDAQ:MLCO), up 1% at $16.47, amid a "stampede" to withdraw money from junkets at the world's biggest gambling hub of Macau. So far, 25,000 calls have crossed the tape -- nine times what's typically seen at this point and volume pacing for the 99th percentile of its annual range. Most popular are the October 19 and 17 calls, with positions being opened at the latter.
Surging on the New York Stock Exchange (NYSE) today is Carvana Co (NYSE:CVNA), up 30% at $225.78 at last check, after the company upped its third-quarter revenue forecast. In response, Goldman Sachs upgraded CVNA to a "buy" rating, with an added price-target hike to $205, while Wedbush raised its price target to $190. Carvana stock's 80-day moving average caught this month's pullback.
Meanwhile, dropping lower is CleanSpark Inc (NASDAQ:CLSK), last seen down 13.1% at $12.90, though some of this could be a correction from yesterday's 28.4% surge to an annual high of $15.07. Today, the company announced the commissioning of its software on a microgrid project in South America. Now up 141.7% year-to-date, CLSK hit an annual high of $15.14 out of the gate today.