Fed Chair Powell said the central bank will adjust corporate bond buying based on market conditions
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.
