Dow Jumps 350 Points; Tech Higher Ahead of Zuckerberg Testimony

FB shares are trading higher ahead of Mark Zuckerberg's congressional testimony

Apr 10, 2018 at 11:59 AM
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The Dow Jones Industrial Average (DJI) is extending its early gains, as investors continue to cheer Chinese President Xi Jinping's call for free trade. A sharp rise in shares of potential tariff targets Caterpillar (CAT) and Boeing (BA) has the blue-chip index up over 350 points at last check. However, almost all sectors are joining in on the rally, with energy and tech leading the charge yet again, even with uncertainty surrounding Facebook (FB) CEO Mark Zuckerberg's testimony before Congress this afternoon. The major stock indexes will try to hold these gains and avoid another huge intraday swing, like we saw in yesterday's price action.

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

  • Our founder Bernie Schaeffer discusses the mid-cap chart pointing to outsized long-term gains.
  • Why one analyst thinks Netflix stock can rally another 20%.
  • Plus, the chip stock on bulls' radar; Energous makes waves again; and an analyst takes a bite out of Hershey.

midday market stats april 10

One name seeing unusual options activity is Ambarella Inc (NASDAQ:AMBA), as the chip stock trades up 3.2% at $45.81. Call volume has already surpassed the daily average thanks to major activity at the weekly 5/4 50-strike call. All signs point to buy-to-open action here, so traders are betting on AMBA shares rallying back above the $50 level within a month. They traded north of the half-century mark as recently as March 29.

Positive regulatory news has shares of wireless charging specialist Energous Corp (NASDAQ:WATT) storming up the Nasdaq, last seen trading 10.7% higher at $18.44. The stock topped out just below the round $20 mark earlier, and is now testing the 80-day moving average. WATT has been prone to making big moves in the past, with a 52-week range of $6.91-$33.50.

energous stock price

Over on the New York Stock Exchange, Hershey Co (NYSE:HSY) is being hit hard following a bearish note from UBS. HSY shares are down 2.9% at $96.46 today, but earlier found familiar support near the $96 price point.

 

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