The Dow was up 120 points at its session highs
The Dow Jones Industrial Average (DJI) is up modestly at midday, after Federal Reserve Chairman Jerome Powell stoked optimism over a second stimulus package. Powell asked Congress for continued fiscal and monetary support, which would fuel an economic recovery that still has a "long way to go."
The S&P 500 Index (SPX) is also slightly higher, while the Nasdaq Composite (IXIC) is underwater following a mixed start to the trading session, with Big Tech under particular pressure. Despite this strong start to October, Wall Street's "fear gauge," the Cboe Volatility Index (VIX) is on track for its sixth straight win.
Continue reading for more on today's market, including:
- Pharma stock boosted by plans to up 2020 guidance.
- Southwest Airlines stock takes off after negotiating pay cuts.
- Plus, drug stock drops on cancer treatment delay; Tata Motors surges on luxury car sales; and Nam Tai plummets after private placement of common shares.
One stock seeing notable options activity is Iovance Biotherapeutics Inc (NASDAQ:IOVA), down 16.8% at $26.66 at last check, and the second biggest percentage loser across U.S. exchanges this morning. The fall came after the company delayed the submission of an application for a cancer treatment. As a result, the security earned no less than four price-target cuts, including one from Wells Fargo to $29 from $49. So far today, 11,000 calls have crossed the tape -- 14 times the average intraday amount. Most popular is the January 2021 30 call, where new positions are currently being opened. Year-over-year, IOVA is up 36.6%.
Surging on the New York Stock Exchange (NYSE) is Tata Motors Limited ADR (NYSE:TTM), up 6.9% at $9.84 at last check. Today's pop comes after Jaguar Land Rover (JLR), which is owned by Tata, said retail sales for the September quarter were up more than 50% from the previous quarter. The security has been chopping higher on the charts since hitting a 11-year low near the $3 mark in April, with support from the 60-day moving average over the last several months. Year-over-year, TTM is up 18.8%.
Meanwhile, dropping lower is Nam Tai Property Inc (NYSE:NTP), last seen down 9.4% at $6.25, after the electronics company announced it completed a private placement of its common shares. The company will receive gross proceeds of roughly $170 million, which will be used to pay down debt that is at risk for cancellation or early repayment demands. NTP shares already experienced a massive bear gap yesterday when the news first came out, and is now down 30.6% year-over-year.