Tech sector strength is keeping the wind at the Nasdaq's back
The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are gaining today, with the latter touching a fresh all-time high. Aside from recent global central bank developments, traders are reacting to upbeat economic data. Not only did retail sales for May see the largest increase since November, but weekly jobless claims unexpectedly declined. Still, the Dow Jones Industrial Average (DJI) is struggling to keep up with its index peers, as big bank stocks slide.
Continue reading for more on today's market, including:
One name seeing heavy options trading today is Qorvo Inc (NASDAQ:QRVO), as the Apple supplier eyes its best close since mid-March. The stock is trading up 3.7% at $83.38, and activity at the July 87.50 strike has overall call volume at 11 times the pace expected so far today. Traders are almost certainly buying to open positions at the out-of-the-money call, betting on QRVO stock to rally even higher in the coming weeks. The company torched option bears with a strong quarterly update in early May.
One of the top stocks on the Nasdaq is Etsy Inc (NASDAQ:ETSY). Shares of the online marketplace are trading up 33.6% at $44.08, after the company raised its full-year sales outlook and said it's upping its transaction fees. ETSY stock earlier hit an all-time high of $44.78, and has now added 225% in the past year.
On the other hand, retailer Tailored Brands Inc (NYSE:TLRD) is a top loser on the New York Stock Exchange (NYSE) today, due to the company's disappointing same-store sales number. TLRD stock is down 23.7% at $25.51, slicing through the previously supportive 80-day moving average. It's now testing the $$24-25 area again, a key region in recent years.
