Dow Maintains Gains While Nasdaq Slides

Escalating protests could soon overshadow optimism over the reopening economy

Deputy Editor
Jun 2, 2020 at 12:18 PM
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The Dow Jones Industrial Average (DJI) is trading up around triple-digits this afternoon, with stocks tied to the reopening U.S. economy leading the charge. The S&P 500 Index (SPX) is hovering at breakeven by midday, while a lackluster day for the tech sector has the Nasdaq Composite (IXIC) paring some of its earlier gains. Meanwhile, Wall Street seems relatively unphased by the protests happening all over the nation, though some are warning that continued civil unrest could interrupt some of this economic optimism in June. Elsewhere, oil prices are in rally-mode, with July-dated crude futures last seen up 2.2% at $36.21 per barrel.

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

  • The work-from-home craze shows no signs of stopping, and it's a boon for this tech stock.
  • One unloved penny stock surging after a big buyout deal. 
  • Plus, Chewy hits new high; AMRH trounces long-time pressure; and merger sinks Aduro stock.

Midday Market Stats June 2

Online pet supply retailer Chewy Inc (NYSE:CHWY) is seeing an unusual surge in bullish activity today, with 33,000 calls across the tape so far -- six times the intraday average -- and almost 10 times the number of puts traded. The weekly 6/5 50-strike call is by far the most popular, with new positions being opened here. Chewy stock is up 3.1% at $46.49 at last check, and just snapped up a new all-time high of $47.74 earlier today. 

Ameri Holdings Inc (NASDAQ:AMRH) is the top stock on the Nasdaq today, up 223.1% at $4.31 after its amalgamation partner Jay Pharma received institutional review board (IRB) approval for Phase I/II clinical testing of its proprietary CBD formulation in patients with a rare form of brain cancer. The stock has cleared its 200-day moving average, which kept a tight lid on AMRH since it formed in September 2018. 

Aduro BioTech Inc (NASDAQ:ADRO) is one of the worst performers on the Nasdaq today. The stock initially inched higher following news of its merger with Chinook Therapeutics in an all-stock deal, before dramatically pivoting into the red, off 17.2% to trade at $2.79 at last check. The security's 100-day moving average appears to be keeping these losses in check midday while it yet again tests support at the $2.50 level, which has kept ADRO afloat since late March. 

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