Dow Rises, Nasdaq Pulls Back from Record Setting Session

The FDA announced Pfizer's vaccine is effective after one dose

Assistant Editor
Dec 8, 2020 at 12:06 PM
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Stocks are mixed this afternoon, as U.S. coronavirus cases continue to rise, leaving major indexes struggling for direction. In Washington, negotiations are continuing regarding additional fiscal stimulusand at last check, the Dow Jones Industrial Average (DJI) is up 87 points, as Congress seeks to extend government funding for an additional week. Elsewhere, the S&P 500 Index (SPX) is hovering just above breakeven, while the Nasdaq Composite (IXIC) is lower, just one session removed from its most recent record high close. In other news, the Food and Drug Administration (FDA) said the vaccine developed by Pfizer and BioNTech is safe and effective after one dose, with no safety concerns to be seen.

Continue reading for more on today's market, including:

  • Could new legislation help launch these 2 cannabis stocks?
  • Uber stock takes a hit on sale of its self-driving unit.
  • Plus, why Stitch Fix stock soared to record highs; FSLY is surging on the charts; and which healthcare name is underperforming today.

Midday Market Stats December 8

One stock seeing notable options activity today is Stitch Fix Inc (NASDAQ:SFIX), which was last seen up a whopping 41.2% to trade at $50.60, following the company's fiscal first-quarter earnings report. Earlier, SFIX hit an all-time high of $54.94, after just a few days ago suffering a downgrade from Wells Fargo. So far, 71,000 calls and 34,000 puts have crossed the tape today -- 21 times the intraday average and volume pacing in the top percentile of its annual range. Most popular by far is the December 60 call, followed by the weekly 12/11 55-strike call, with new positions being opened at both.

Meanwhile, one stock surging on the New York Stock Exchange (NYSE) today is Fastly Inc (NYSE:FSLY), last seen up 14.9% at 98.07, though the catalyst remains unclear. Fastly stock has had an incredible year, adding 376.5% in 2020. Meanwhile, equity looks poised to close above the $94 for the first time since Oct. 14. Additionally, FSLY has locked in support from its 60-day moving average for just the second time in nearly two months.

FSLY Chart December 8

At the other end of the NYSE, Penumbra Inc (NYSE:PEN) is down 10.1% to trade at $201.62. Though the catalyst for today's negative price action is unclear, it marks the second time the equity has fallen below the $200 level in the last four sessions. The last time the equity traded at such a level was in September. Still, PEN has tacked on 22.6% in 2020.

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