The Dow is up 231 points at midday
It's another sunny day on Wall Street, as investors brush off inflation fears and lackluster jobless data. The Dow Jones Industrial Average (DJI) is up 231 points at midday, and is now sitting roughly 3% away from its all-time high. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC), meanwhile, are both sitting comfortably in the black after scoring fresh records earlier in the session -- marking the Nasdaq's third-consecutive intraday high.
Investors are also cheering a 2.3% jump in U.S. durable goods orders for May, while keeping a close eye on negotiations over in Washington, D.C., where U.S. President Joe Biden's bipartisan infrastructure package will be up for further discussion later today. The Federal Reserve's annual bank stress test is fast approaching as well, set for release after the close this evening.
Continue reading for more on today's market, including:
- Analyst praise pushed this casino stock to a 13-year high.
- Options traders are responding to Rite Aid stock's revenue miss.
- Plus, TTD gets blasted in the options pits; MRIN joins meme stock craze; and biotech name plummets on pricing of stock offering.
One stock getting blasted in the options pits is Trade Desk Inc (NASDAQ:TTD), last seen up 11.8% at $73.09, as digital-advertising stocks get a boost on news that Google (GOOG) plans on phasing out third-party cookies to track users across the web. So far, 65,000 calls and 11,000 puts have crossed the tape, which is 12 times what is typically seen at this point. Most popular is the 6/25 75-strike call, followed by the weekly 7/2 80-strike call, with new positions being opened at both. It has been a volatile 12 months for Trade Desk stock, as shares surged to a Dec. 22 all-time high of $97.28, only to drop to the $46 mark in May. The security is now on the upswing again, eyeing its fourth-consecutive win with support coming from the 20-day moving average. In the last nine months, TTD has added over 70%.
At the top of the Nasdaq today is Marin Software Inc (NASDAQ:MRIN), up 71.4% to trade at of $2.93, at last check. The tech name is the latest to join the meme stock craze, and now stands among the top 10 stocks with most new watchers over the past 24 hours on trading website Stocktwits. Plus, the company's MarinOne platform can now manage Instacart Ads, boosting customer demand. The equity is now trading at its highest level since October, while also pacing for its third-highest single-day percentage jump on record. In addition, the security has added 128.9% over the past nine months.
Meanwhile, Portage Biotech Inc (NASDAQ:PRTG) is towards the bottom of the Nasdaq today. The security is down 24.4% at $26.30 this afternoon, after it announced it set a price of $23 per share for the previously announced underwritten public offering of 1 million ordinary shares. The company intends to use the gross proceeds of $23 million to accelerate its PORT-2 and PORT-3 clinical programs, prepare products to enter the clinic, and for general corporate reasons. Today's drop has shares set for their lowest close since February, while slipping below the previously supportive 20-day moving average. Year-over-year, Portage Biotech stock still sports a 145.3% lead.