Stocks Hold Outsized Gains Despite Powell Comments

The S&P 500 and Nasdaq are eyeing sizable wins for the day, too

Deputy Editor
Jun 16, 2020 at 12:14 PM
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The Dow Jones Industrial Average (DJI) is up over 450 points at the midway mark, sparked by optimism over a new, promising coronavirus treatment. However, comments from Fed Chair Jerome Powell are pouring cold water on Wall Street -- pushing the blue-chip index off from its session highs -- after the central bank leader said the Fed would proceed with caution while adjusting corporate bond buying based on the temperature of the market.

Nevertheless, impressive retail sales and a $1 trillion infrastructure plan are keeping the wind at the backs of the Nasdaq Composite (IXIC) and S&P 500 Index (SPX), with both indexes up over 1.5% midday. Oil is also enjoying investors' newly found optimism, with July-dated crude futures up 1% to trade a $37.50 a barrel at last glance. 

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

  • Apple stock within chip shot of all-time highs, despite EU antitrust probe. 
  • One retailer in the spotlight today amid reopening updates
  • Plus, options bulls swarm TSN; Exxon deal steers CLIR higher; GNUS turns volatile. 

Tyson Foods, Inc. (NYSE:TSN) is seeing an unusual amount of activity in its options pits today. So far, 31,000 calls have crossed the tape -- seven times what is normally seen at this point -- compared to just 471 puts. The most popular contract by far is the weekly 7/10 70-strike call, where positions are being bought to open. At last check, TSN is up 1.2% at $63.80, but overhead pressure at the 100-day moving average is keeping a lid on the shares. 

A purchase order from Exxon Mobil (XOM) has the shares of Clearsign Technologies Corp (NASDAQ:CLIR) scaling the Nasdaq today, up 242.2% at $2.72 at last check. CLIR says the order to fabricate and install process burners at its Baytown, Texas refinery is the final step to validate this technology. CLIR scored a two-year high of $3.20 out of the gate today in response, and is set to close atop its 320-day moving average -- a trendline that has acted as a still ceiling on the charts for over a year -- for the first time since 2017. 

Genius Brands International Inc (NASDAQ:GNUS) is one of the worst stocks on the Nasdaq today. The equity is pulling back from yesterday's 8.7% pop amid news that Arnold Schwarzenegger will become a significant investor in the entertainment company. Genius Brands stock hit a nearly six-year high of $11.73 earlier this month, which has seen some extremely volatile trading in the last month. GNUS' 20-day trendline, however, has helped keep some of these wild swings in check. At last glance, the security is down 11.8% at $3.98. 

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