Dow Stuck in Red as S&P, Nasdaq Rise

A surging tech sector has the Nasdaq higher today

Deputy Editor
Apr 16, 2020 at 11:59 AM
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The Dow Jones Industrial Average (DJI) is modestly lower at midday, despite having pared harsher triple-digit losses from the morning. Weighing on the Dow is another batch of weekly jobless claims that topped estimates, meaning it took just four weeks to erase all employment gains experienced in the last 11 years since the Great Recession. Conversely, the S&P 500 (SPX) and Nasdaq Composite (IXIC) are both hanging on to marginal gains, with the latter powered by a resurgent tech sector.

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

  • This bank stock is popping post-earnings.
  • Bankruptcy buzz is rocking Hertz stock.
  • Plus, SE calls pop as stock soars; new highs for RCUS on Gilead stake rumors; and American Airlines weighed down by sector struggles.

Midday Market Stats April 16

One stock seeing notable options action today is Sea Ltd (NYSE:SE). The e-commerce developer was last seen up 8.4% to trade at $53.77, and earlier hit a record high of $53.95. At last check, almost 10,000 calls have exchanged hands, six times the usual intraday amount. The May 60 call is most popular; and there's also notable activity at the January 2021 60-strike call, with new positions being opened at each. SE is up almost 130% year-over-year.

One stock topping the New York Stock Exchange (NYSE) today is Arcus Biosciences Inc (NYSE:RCUS), up 84% to trade at $28.50 at last check. The biotech stock staged a massive leap after it was reported that Gilead Sciences (GILD) was in talks about acquiring a stake in Arcus. The stock earlier hit a record high of $31, and had nearly doubled in value year-to-date even prior to today's breakout.

Near the bottom of the S&P 500 is American Airlines Group Inc (NASDAQ:AAL), last seen down 7.6% to trade at $11.35. The airline stock is likely under pressure after sector peer United Airlines cut its May flight schedule by 90%. UAL has seen recent rallies contained by their 20-day moving average, a ceiling in place since mid January.

MMC Daily Chart AAL

 

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