Tech's rebound is helping the Nasdaq outperform its index peers
The Dow Jones Industrial Average (DJIA) earlier hit a record high, as stocks look set to snap a nasty two-day slide. Most notably, the tech sector is experiencing a broad recovery, with a strong showing from bank stocks also helping the S&P 500 Index (SPX) and Nasdaq Composite (COMP). Of course, investors are also keeping an eye on today's start to the June Fed meeting, as well as this morning's round of economic data. Plus, the testimony of Attorney General Jeff Sessions could make headlines, as well.
Continue reading for more on today's market -- and don't miss:
- Our founder and CEO Bernie Schaeffer examined the recent surge in Tokyo stocks.
- Billionaire investor: This stock could hit the $1,000 club.
- Plus, Visa calls active; another big move for this biotech; and Cheesecake Factory dives.
Among the stocks with unusual options volume today is blue chip Visa Inc (NYSE:V), currently the top performer on the Dow. The stock is up 1.2% today at $94.58, and call volume is running at 1.5 times the expected pace today. The two most popular options are the weekly 6/23 94.50- and 95.50-strike calls, and if these contracts are being bought to open, traders are betting on extended upside for V stock. The options expire at the close on Friday, June 23, the day after Visa's investor day.
One stock outperforming on the Nasdaq is biotech Neurotrope Inc (NASDAQ:NTRP), as the shares try to bounce back from last month's huge bear gap. NTRP shares are up 8.9% at $7.80, as they go for their sixth win in the past seven sessions, and second straight finish atop their 30-day moving average.
One big Nasdaq loser is Cheesecake Factory Inc (NASDAQ:CAKE), with the shares falling 9.8% to trade at $52.59, following the company's update on same-store sales for the current quarter. CAKE stock is now on pace for its first close below its 320-day moving average since October, though it's still slightly higher on a year-over-year basis.