Stocks are higher this afternoon, thanks to a slew of upbeat earnings reports and jobless claims data. Major banks have unofficially kicked off earnings season, and the latest report from Bank of America (BAC) showed top- and bottom-line beats for the third-quarter. Meanwhile, jobless claims for last week finished narrower than expected, and fell below 300,000 for the first time since the pandemic's start. As a result, the Dow Jones Industrial Average (DJI) and Nasdaq Composite (IXIC) both sport a triple-digit lead, with the former up around 445 points. The broader-market S&P 500 Index (SPX) is also trading in the black, boosted by eight components that reported earnings-per-share wins before the bell.
Continue reading for more on today's market, including:
- The new partnership sending Shopify stock higher.
- UPS calls pop after analyst upgrade.
- Plus, the scoop on Fubotv options; Grove stock's biggest single-day pop ever; and regulatory moves put pressure on FUTU.
One stock seeing a surge in options volume today is Fubotv Inc (NYSE:FUBO), with 49,000 calls and 9,135 puts crossing the tape already today -- triple the intraday average. The two most popular contracts are the October 29 and 30 calls, with new positions being opened at both. At last check, Fubotv stock is up 3.2% at $28.13, which could be residual effects from a recently struck deal, in which Fubo won a deal to stream AT&T (T) SportsNet Rocky Mountain's regional coverage of three major professional sports teams. While FUBO is still well off from its annual high of $62.29, it sits at its year-to-date breakeven mark, with support back in place at the 80-day moving average.
At the top of the Nasdaq today is Grove Inc (NASDAQ:GRVI), last seen up 68.9% at $8.46, following news that the company launched Upexi, a wholly-owned division, tasked with acquiring and scaling Amazon.com (AMZN) and e-commerce businesses. Sellers on Upexi will be able to utilize Grove's ad technology and digital marketing experts, as well as directly partner with Amazon PPC buyers to tailor listings. The surge puts Grove stock back above its June 25 record high of $9.37, which the equity nabbed shortly after going public. It also represents GRVE biggest single-day percentage gain.
On the other end, near the bottom of the Nasdaq sits Futu Holdings Ltd (NASDAQ:FUTU), last seen down 14.6% to trade at $71.97. This comes as U.S.-listed Chinese online brokerages face mounting regulatory risks, with the region's personal data privacy law set to take effect on Nov. 1. As a result, FUTU is trading at its lowest level since January, though it remains up 59.2% in 2021.