Dow Stages Quadruple-Digit Rally

Coronavirus deaths in New York declined from Saturday to Sunday

by Jake Scott

Published on Apr 6, 2020 at 12:14 PM
Updated on Apr 16, 2020 at 3:21 PM

The Dow Jones Industrial Average (DJI) is beginning the new week with fantastic strength, currently up over 1,000 points at midday. The Nasdaq Composite (IXIC) and S&P 500 Index (SPX) are soaring as well, as investors remain hopeful amid reports of stabilizing hospital rates in the U.S.

Building off this silver lining are reports from New York Governor Andrew Cuomo that COVID-19 deaths in the state logged their first daily decline from Saturday to Sunday. And fresh off its worst week since February 2018, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), is headed for its third straight loss and lowest close in a month. 

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

  • This drug stock is lower despite coronavirus treatment buzz.
  • eBay stock is rising after a big upgrade.
  • Plus, LUV puts pop; CPRI on the mend; and newspaper stock demolished.

Midday Market Stats April 6

One stock seeing notable options action today is Southwest Airlines Co (NYSE:LUV). The airline was last seen down 0.5% to trade at $30.38. At last check, 5,301 LUV puts have been exchanged, almost double the average intraday amount. The weekly 4/9 30- and 28-strike puts are the most popular, with almost 1,600 contracts exchanged between the two. Meanwhile, earnings for the airline are expected to be reported on April 23.

One stock flying high on the S&P 500 this morning is luxury retailer Capri Holding Ltd (NYSE: CPRI), up 23.2% to trade at $10.37 at last check. CPRI's rise is coming off of reports that the company plans to furlough its retail staff and cut executive compensation in order to preserve cash flows. Capping this ascension is CPRI's 10-day moving average, as well as some seasonal headwinds.

CPRI Chart 3

Meanwhile, one stock that is sitting out the broad market rally is Gannett Co Inc (NYSE:GCI), last seen down 19.5% to trade at $0.66 at last check, one of the worst stocks on the New York Stock Exchange (NYSE). The newspaper titan furloughed 20% of its staff, and Citigroup slashed its price target to 50 cents from $5. 

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