The DJIA and COMP are trying to end the week in positive territory
U.S. stocks are holding steady at midday, with the Dow Jones Industrial Average (DJIA) trading comfortably in positive territory. Traders continue to sift through this morning's jobs data from the Labor Department, with nonfarm payrolls clearing expectations in June. Meanwhile, tech stocks are in rebound mode, but the energy sector is still a drag on the stock market, as oil prices remain under pressure. August-dated crude was last seen down 2.8% at $44.23 per barrel. Still, today's gains put the Dow and Nasdaq Composite (COMP) in the black for the week, though the S&P 500 Index (SPX) remains in the red.
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Among the stocks with unusual options volume today is Apple supplier Advanced Micro Devices, Inc. (NASDAQ:AMD). Call volume is running at two times the expected intraday pace, with options traders evidently betting on more upside. For example, buy-to-open activity looks likely at AMD's weekly 7/7 13.50-strike call, as well as the weekly 7/14 15.50- and 16-strike calls. As such, traders are betting on AMD stock rallying higher during the next week. Shares of Advanced Micro Devices were last seen up 4.8% at $13.65.
One stock outperforming on the Nasdaq is biotech Arena Pharmaceuticals, Inc. (NASDAQ:ARNA), as the shares extend their recent hot streak. Specifically, ARNA stock is up 8.3% at $19.49 -- and earlier touched an annual high of $19.90 -- meaning it's up roughly 60% since its mid-June low of $12.20. Today's price action comes after JMP raised its rating to "market outperform" from "market perform."
Near the bottom of the Nasdaq is eye care concern
Ocular Therapeutix Inc (NASDAQ:OCUL), though it's not clear what's pressuring the shares.
OCUL stock was last seen 9.9% lower at $8.56, though it is again finding support in its 320-day moving average.