The Nasdaq is on pace for its best day since April
The Dow Jones Industrial Average (DJIA) is having a big day, rallying triple digits and earlier notching a fresh record high. The S&P 500 Index (SPX) hit an all-time high of its own, while a rebound in tech stocks is also lifting the Nasdaq Composite (COMP), which is on pace for its best day since April. In fact, Apple stock is the top Dow gainer today, last seen up 2.7%. These gains come amid an absence of any noteworthy economic data, though oil prices are also stabilizing today. Specifically, July-dated crude futures were last seen up 0.2% at $44.82 per barrel.
Continue reading for more on today's market -- and don't miss:
- 3 drug stocks making huge moves.
- Why analysts expect record highs from Microsoft stock.
- Plus, options traders pound steel stocks; a surging healthcare stock; and another bad day for Costco.
Among the stocks with unusual options volume today are steel stocks Steel Dynamics, Inc. (NASDAQ:STLD), Nucor Corporation (NYSE:NUE), and United States Steel Corporation (NYSE:X). More specifically, calls are extremely popular on all three names, especially STLD and NUE, with calls trading at 46 times and 24 times the expected rates, respectively. The activity on Nucor is being driven by action at the July 62 call, where contracts are likely being bought to open in the wake of sector upgrades at Longbow, and Steel Dynamics is seeing heavy interest at its July 38 call, also seeing likely buy-to-open activity.
One stock rising on the Nasdaq is dentistry technology specialist Align Technology, Inc. (NASDAQ:ALGN). The stock is up 4.4% today at $151.63, putting it back within striking distance of its June 9 record high of $153.93, thanks to a price-target hike to $175 from $150 at Morgan Stanley. ALGN has been on fire this year thanks to some strong showings in the earnings booth, with the shares sporting a year-to-date gain of nearly 58%.
Meanwhile, Costco Wholesale Corporation (NASDAQ:COST) continues to underperform on the Nasdaq, amid the fallout of Amazon's purchase of Whole Foods. Making matters worse, COST stock was downgraded this morning at Deutsche Bank. The shares were last seen down 2.3% at $163.30. On June 6, they hit a record high of $182.72.