Stocks Inch Higher as Jobs Data Hints at Market Bottom

There's been a slight shift from "social distancing" stocks to "reopening" stocks

Laura McCandless

Deputy Editor

May 28, 2020 at 12:07 PM

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Major indexes are modestly higher this afternoon, mostly shaking off this morning's dismal weekly jobless claims, which is giving investors reason to believe the economy has already hit its bottom. The Dow Jones Industrial Average (DJI) is up around 110 points as a number of stocks rally ahead of further reopenings, while gains for the S&P 500 Index (SPX) and tech-heavy Nasdaq Composite (IXIC) remain on the conservative side as well. Meanwhile, a remaining weight on the market is U.S.-China tensions, the latter earlier approving its national security law for Hong Kong.

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

Dollar General stock lands a post-earnings boost.
Apple snags Scorsese's latest movie.
Plus, Commscope sees a surge in calls; TGI triumphs long-term resistance; and the stock dropping on the Nasdaq.

mmc may 28 chart

One stock seeing unusual options activity today is CommScope Holding Company Inc (NASDAQ:COMM), up 2.8% at $9.93 at last check. The company has seen 29,000 calls cross the tape so far -- a whopping 317 times what's typically seen. Most popular by far is the June 10 call, where new positions are being opened. Though the reason for this surge in calls in unclear, COMM is now up 8% so far for this week.

Scaling the New York Stock Exchange (NYSE) today is Triumph Group Inc (NYSE:TGI), up 34.8% at $11.07 at last check, after an upbeat fiscal fourth-quarter report. The stock has been trading sideways on the charts since its March 19 record low of $3.02, repeatedly turned away by the $8 region until yesterday. Now contending with its 80-day moving average after today's pop, TGI is up 94.7% in the last week.

TGI MMC chart may 28

On the other hand, moving lower on the Nasdaq today is Iovance Biotherapeutics Inc (NASDAQ:IOVA), down 12.5% at $33.34 at last check, after the company announced that it intends to offer up $500 million in its common stock, and reported dismal trial data for its melanoma drug. In the midst of the chaos, Stifel raised its price target on IOVA to $50 from $48. Currently, the stock is remains up 20% for the year.

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