The Dow is up over 600 points at midday
The Dow Jones Industrial Average (DJI) is gaining even more momentum off this morning's bounce, last seen up over 600 points, as Wall Street brushes over the omicron variant threat. The S&P 500 (SPX) is also eyeing a strong rally, thanks to resurgences in the airline and energy sectors. The Nasdaq Composite (IXIC), on the other hand, has turned negative, as traders rotate out of tech and the 10-year Treasury yield rises.
The Federal Reserve's push to taper off pandemic policies is also on the forefront of investor's minds today. Meanwhile, an extremely volatile weekend for Bitcoin (BTC), which has lost $10,000 since Friday, is contributing to the tech sector's weakness.
Continue reading for more on today's market, including:
- Citigroup recommends this struggling video game stock.
- A closer look at the latest name to join the S&P 500.
- Plus, WeWork extends credit commitment; TACO surges on buyout deal; and BOLT registers record low.
WeWork Inc (NYSE:WE) is seeing a surge in its options pits today, with 8,975 puts across the tape so far, which is seven times the intraday average, compared to 1,703 calls. The most popular by far is the January 2022 6-strike put, where new contracts are being bought to open. WE is 6.8% at $8.18 at last check, after Softbank Group agreed to extend WeWork's secured credit commitments to $1.75 billion of liquidity from February 2023 to February 2024. The equity has seen a dramatic drop from its October surge to the $15 level, and is down 20.5% year-to-date.
One of the best stocks on the Nasdaq today is Del Taco Restaurants Inc (NASDAQ:TACO), last seen up 65.9% to trade at a two-year high of $12.50, following news that Jack in the Box (JACK) will buy the Mexican restaurant chain for $12.51 per share in cash, in a deal that is valued at $575 million. TACO has cleared every major trendline as a result, including its 320-day moving average, which had kept a lid on shares since July. Year-to-date, the equity is up 37.6%.
On the other hand, Bolt Biotherapeutics Inc (NASDAQ:BOLT) is one of the worst stocks on the Nasdaq today, last seen down 50.9% at of $5.16, after earlier falling to a record low of $5.02. The company just announced its interim BDC-10001 phase 1/2 data demonstrated a safe and well-tolerated profile. Nevertheless, BOLT has shed 83% in the last nine months.