Dow Rebounds Off Last Week's Dip

The Nasdaq and S&P 500 are also enjoying sizable midday gains

by Lillian Currens

Published on Jun 29, 2020 at 12:29 PM

The Dow Jones Industrial Average (DJI) is keeping up its morning momentum, up over 400 points by midday, as Boeing (BA) continues to lead the charge. Investors are looking past yet another spike in COVID-19 cases, perhaps consoled by a dip in deaths related to the disease. Meanwhile, the Nasdaq Composite (IXIC) and S&P 500 Index (SPX) are sporting sizable gains, as several big names including Facebook (FB) and Starbucks (SBUX) pivot higher. These two companies --along with several others -- initially stumbled into Monday's trading after announcing a pause in social media advertising in order to quell the spread of hate speech. Oil is also getting a boost; crude for August delivery is up 1.7% at $39.09, buoyed by a one-month rise in China's industrial profits -- its first in six months. 

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

  • The furlough news moving one flight stock higher. 
  • How much insurance companies can expect to pay for Gilead's coronavirus vaccine.
  • Plus, PINS gets some bullish attention; IDEX refutes short-seller claims; and oil stock flounders.  

Pinterest Inc (NYSE:PINS) is seeing an unusual amount of bullish activity in its options pits today. So far 32,000 calls have crossed the tape -- triple the intraday average -- compared to just 4,471 puts. The most popular by far is the August 21 call, where new positions are being bought to open. At last check, Pinterest stock is trading at $21.52, with its 50-day moving average is working to contain some earlier downside. 

Ideanomics Inc (NASDAQ:IDEX) is one of the best performers on the Nasdaq today, up 50.7% at $2.20 at last check. The breakout comes after the financial name refuted claims made by short-sellers J Capital and Hindenburg, stating that the two published negative reports that were self-interested and misinformed. Last week, IDEX took a sharp nosedive off its June, 22 peak of $3.98, clocking its worst week since November 2019. The security's 30-day moving average, however, provided some support on the charts. 

Whiting Petroleum Corp (NYSE:WLL) is near the bottom of the New York Stock Exchange (NYSE) today, last seen down 6.6% at $1.1, although the exact catalyst is unknown. The oil-and-gas stock has taken a 93.6% haircut in the last 12-months, but has distanced itself from the April 2 bottom of $0.25. 


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