The Dow is up 242 points midday
The Dow Jones Industrial Average (DJI) is up 242 points midday, pacing for another record close after earlier setting a fresh intraday high, thanks to a resurgent financial sector. The S&P 500 Index (SPX) also hit an intraday record this morning, but has since joined the tech-heavy Nasdaq Composite (IXIC) in the red. Reopening stocks, including energy and travel names, are on the rise as investors continue to brush off Covid-19 fears in the face of the omicron variant, sending bond yields higher for the second-straight session.
Continue reading for more on today's market, including:
- Why options bulls are blasting Coca-Cola stock.
- Apple stock is the first to exceed $3 trillion market cap.
- Plus, TSM sees big options surge; Alzheimer's drug data lifts HOTH; and Avrobio scraps Fabry disease program.
Taiwan Semiconductor Mfg. Co. Ltd.(NYSE:TSM) is getting blasted in the options pits today. So far, 108,000 calls and 36,000 puts have crossed the tape, volume that's seven times the intraday average. Most popular is the weekly 1/7 135-strike call, where new positions are being opened, followed by the January 150 call. The stock was last seen up 2.4% at $131.89, and is now eyeing its highest close in just under one year while sporting a 22.4% year-over-year lead.
Hoth Therapeutics Inc (NASDAQ:HOTH) is one of the best stocks on the Nasdaq today, up 107% to trade at $1.45 at last check. This comes after the company released upbeat pre-clinical trial data for its Alzheimer's disease drug HT-ALZ. The stock is now trading at its highest level since June, blowing past long-term pressure at its 60-day moving average after hitting an all-time low of 63 cents on Dec. 29.
Meanwhile, Avrobio Inc (NASDAQ:AVRO) is among the Nasdaq's worst performers. The stock was last seen down 34% at $2.67, after the gene therapy company said it would scrap its Fabry disease program following disappointing mid-stage clinical trial data, as well as market and regulatory pressures. AVRO earlier hit an all-time low of $2.53, but has been on a steady downtrend since March.