The S&P 500 could lock in its best two-day gain in two years
Wall Street's October rally is gaining steam in the second session of the new quarter, with stocks roaring back from recent lows as bond yields retreat from 10-year highs. The Dow Jones Industrial Average (DJI) was last seen 746 points higher, the S&P 500 Index (SPX) is pacing for its best two-day gain in two years, and the Nasdaq Composite (IXIC) sports a strong triple-digit gain.
Other positive catalysts boosting the broader market today include August's jobs report, which showed job openings fell by 1.1 million last month -- a 10% drop from July's report and possibly an early sign of a narrowing labor gap. In addition, travel stocks are moving higher as consumers shift to spending more on experiences thanks to easing Covid-19 restrictions.
Continue reading for more on today's market, including:
- Bank stock pops on pre-earnings bull note.
- A delivery battle is taking place between these EV giants.
- Plus, call traders speculate on REIT; biotech stock pops on FDA talks; and oil transportation company announces share buyback plans.
Chimera Investment Corporation (NYSE:CIM) is seeing an unusual amount of bullish activity in its typically quiet options pits. Near the session's halfway mark, more than 23,000 calls have been exchanged -- 77 times the average intraday volume -- versus just 162 puts. The most popular position is the November 6 call, followed by the 5 call in the same monthly series, with positions being opened at both contracts. The real estate investment trust (REIT) is up 11.3% at $5.88 this afternoon, bouncing from recent all-time lows of $4.94, indicating traders may be looking for high yielding opportunities as following the market's inflation-induced selloff. CIM is more than 61% lower on a year-to-date and year-over-year basis.
Inhibrx Inc (NASDAQ:INBX) is one of the best performing equities on the Nasdaq today. Shares of the biotech concern were last seen up 36.1% at $27.46, after the company said, per talks with the U.S. Food and Drug Administration (FDA), that it could potentially pursue accelerated approval for INBRX-101. According to a press release, INBRX-101 is "an optimized recombinant human AAT-Fc fusion protein, in patients with emphysema due to alpha-1 antitrypsin deficiency (AATD) using functional alpha-1 antitrypsin (AAT) serum levels as the surrogate endpoint." If these gains hold, INBX could close above its 320-day trendline for the first time since January, though the equity remains 40% lower in 2022.
Meanwhile, sitting near the bottom of the New York Stock Exchange (NYSE) this afternoon is Scorpio Tanker Inc. (NYSE:STNG). The equity was last seen down 2.4% at $40.62, after the oil transportation concern announced plans to repurchase 224,000 common shares at an average price of $42.24 per share. Scorpio Tanker stock is still trading near its Sept. 22, roughly five-year high of $46.30, and remains up more than 215% year-to-date.