Stocks Rise Despite Swelling Unemployment Claims

June-dated crude futures are up over 30%, at last check

Deputy Editor
Apr 23, 2020 at 12:01 PM
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The Dow Jones Industrial Average (DJI) is on track for another positive afternoon, up more than 250 points at last check. The blue-chip index has gained traction at midday despite another expectation-topping weekly jobless claims report this morning. Combining this most recent report with the previous four, the total number of Americans who have filed for unemployment is now over 26 million. Additionally, oil prices are continuing to rebound, with June-dated crude futures up 31% at $18.00 per barrel, at last check.

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

  • Gap stock is dealing with some serious cash-flow issues.
  • A lackluster quarterly report is leaving Hershey stock bitter.
  • Plus, biotech options bears eye ceiling; Wynn Resorts stock abuzz after Vegas reopening plans; and Domino's Pizza in the dumps after pulling guidance.

Midday Market Stats April 23

One stock seeing notable options trading activity today is Inovio Pharmaceuticals Inc (NASDAQ:INO). The biotech stock was last seen trading up 8.8% at $12.74. At last check, nearly 49,000 options have crossed the tape, four times the average intraday amount and volume pacing for the 99th percentile of its annual range. Most popular today is the weekly 4/24 11-strike put, with new positions being bought to open. INO has more than quadrupled year-to-date.

Near the top of the S&P 500 Index (SPX) today is Wynn Resorts, Limited (NASDAQ:WYNN), up 9% to trade at $76.20 at last check, after the casino company proposed a plan to reopen the Las Vegas strip. WYNN is set to close above its 40-day moving average for just the second time since late January, when the shares were trading above the $135 level.

WYNN Chart April 23

On the other end, near the bottom of the New York Stock Exchange (NYSE), is Domino's Pizza, Inc. (NYSE:DPZ), last seen down 4.4% to trade at $366.95. The pizza giant's fall can be attributed to its long-term outlook being withdrawn, despite a first-quarter earnings and revenue beat. Domino's stock is still up 25.6% year-over-year, and hit a record high of $387.85 on Tuesday.

 

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