The Dow is up 400 points midday
The Dow Jones Industrial Average (DJI) is 400 points higher at midday, extending this morning's gains as Wall Street, at least for a day, moves past fears of slowing economic growth. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also sporting significant gains, with reopening plays and bank stocks charging higher. For the week, all three major indexes are eyeing comfortable weekly wins.
Contributing to today's optimism is the rebounding 10-year Treasury yield, which has eased investors' anxieties. Elsewhere, U.S. President Joe Biden is set to sign an executive order that will crack down anticompetitive practices from Big Tech companies.
Continue reading for more on today's market, including:
- This retail stock is the first big winner of earnings season.
- Wells Fargo stock has brushed off criticism over personal credit move.
- Plus, call traders blast penny stock; the latest Reddit target; and drugmaker sinks on FDA hold.
One stock seeing an unusual amount of options activity today is Galectin Therapeutics Inc. (NASDAQ:GALT), up 55.1% to trade at $4.28 at last check. The drugmaker earlier announced positive early-stage trial results for Belapectin, a treatment for patients suffering from metastatic melanoma, as well as head and neck cancers. So far, 8,039 calls and 1,400 puts have already crossed the tape, which is 112 times the intraday average. Most popular is the July 4 call, followed by the 5-strike call in the same series, with new positions being opened at both. The equity is now taking aim at its April 29, two-year high of $5.70, and has cleared overhead pressure at the 20-day moving average.
At the top of the Nasdaq today is
Carver Bancorp Inc (NASDAQ:CARV),
last seen up 63.9% at $35.88, after earlier hitting a 10-year high of $42.50. The heavily-shorted
bank stock is the latest to grab the attention of retail investors, quickly becoming the most discussed name on social media website StockTwits, with 94.5% of messages reflecting positive sentiment. Shares more than doubled in value yesterday, blowing past a June rally that lost steam at the $19 mark. Now, the equity is pacing for their third-straight win, while boasting a 461.8% year-over-year lead.
Meanwhile, towards the bottom of the Nasdaq today is
Sigilon Therapeutics Inc
(NASDAQ:SGTX). The equity is down 30.7% at $6.40 this afternoon, after hitting an all-time low of $6.28 earlier in the session. This bear gap came after the U.S. Federal Drug Administration (FDA) placed an early-stage trial of its experimental therapy, SIG-001, for treating hemophilia A on clinical hold. Shares have been tumbling down the charts since late February, and are a long way from their Dec. 22, all-time high of $54.31, which came just week after its market debut on Dec. 4. Year-to-date, Sigilon Therapeutics stock has now taken a 86.7% haircut.