Nasdaq Grabs Record High, Dow Keeps Climbing

U.S.-China trade optimism is keeping wind at the market's back

Deputy Editor
Jun 23, 2020 at 11:53 AM
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The Nasdaq Composite (IXIC) is gaining momentum midday, grabbing a record high above the 10,090 level and on track for its eighth straight win -- its best winning streak since December. The tech-rich index's impressive surge comes on the back of more outsized gains from Apple (AAPL), which nabbed a new all-time peak of its own. The Dow Jones Industrial Average (DJI) is picking up steam as well, while the S&P 500 Index (SPX) is also enjoying notable gains at the midway mark, with investors encouraged by a promising update on the U.S.-China trade deal. This broad-market optimism has kept the pressure on Wall Street's "fear gauge," the Cboe Volatility Index (VIX), as it heads toward its seventh loss in eight days.

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

  • The semiconductor stock dinged by a downgrade. 
  • BlackRock's CEO just committed to increasing its Black workforce by 2024. 
  • Plus, PLUG predicts $2 billion revenue jump; FFHL enjoys post-earnings surge; and Broadway Financial draws criticism from key investor. 

Plug Power Inc (NASDAQ:PLUG) is seeing a serious uptick in options activity today. So far 58,000 calls and 11,000 puts have crossed the tape -- total options volume that is nine times the intraday average and in the 100th percentile of its annual range. The weekly 6/26 7-strike call is the most popular by far, and it appears positions are being bought to open here. At last check, PLUG is up 23% at $6.85 after the company lifted its 2024 revenue target to $1.2 billion from $1 billion. The stock hit a new six-year high of $6.90 earlier today, and is now up 110.8% year-to-date. 

One of the best stocks on the Nasdaq today is China-based packaging name Fuwei Films (Holdings) Co Ltd (NASDAQ:FFHL) after the firm posted first-quarter profits, swinging from a loss one year earlier. The security is up 38% at $6.47 at last check, and hit a seven-year high of $10.49 earlier today. FFHL has now nearly tripled in the last 12 months. 

Broadway Financial Corp (NASDAQ:BYFC) is one of the worst performers on the Nasdaq today, down 16.8% to trade at $2.47. The company's second-biggest investor, Capital Corps, withdrew all of its 9.57% stake, advising the community-based savings institutions to shift its focus from wealthy landlords to the support of marginalized groups. Capital Corp added that the firm should hire more non-white law firms, professional services and investment banks. After BYFC hit a 10-year high of $7.23 on Friday and nabbed a weekly win of 150.8%, the stock is down almost 25% in the last two days.

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