Nasdaq Claws Back Into Black by Midday

The S&P 500 and Dow, meanwhile, are still stuck in the red

Jake Scott
Jul 7, 2020 at 12:28 PM
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The Dow Jones Industrial Average (DJI) and the S&P 500 (SPX) are still simmering below their respective breakevens at midday, with the former down roughly 180 points, as stocks directly tied to the reopening of the economy -- mostly the travel sector -- move lower thanks to surging COVID-19 cases.

The tech-heavy Nasdaq Composite (NDX), on the other hand, has managed to claw its way back into the black by the midway mark, as sector heavyweights Apple (AAPL) and Microsoft (MSFT) both grab even more fresh highs. The index is now on track for its sixth-straight win. Oil, meanwhile, is treading water on major producers decision to stick with their supply cuts. At last check, crude for August delivery is up 0.3% at $40.77. 

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

  • A bull note is boosting Acadia stock.
  • NVDA notched another all-time high.
  • Plus, SNAP hits three-year high; CRVS joins race for COVID-19 cure; and MFGP sinks on H1 results. 

Midday Market Stats 2 July 7

Snapchat parent Snap Inc (NYSE:SNAP) is seeing some notable activity in its options pits today, with 110,000 calls and 36,000 puts traded so far -- 1.6 times the intraday average. The most popular is the weekly 7/10 25-strike call, followed by the 26-strike call from the same series, with new positions being opened at both. Though the reason for this increased activity is murky, the stock has outperformed the broader S&P 500 Index (SPX) by 51% over the last 60 days, and is currently up 7.7% at a three-year high of $25.31.

One of the best performers on the Nasdaq is Corvus Pharmaceuticals Inc (NASDAQ:CRVS), which just announced its initiation of a Phase 1 study of a new novel immunotherapy approach for those with COVID-19. The security is up an astounding 132.9% at $6.42 at last check, toppling recent pressure at its 20-day moving average. Furthermore, Corvus Pharmaceuticals stock is now up 146.2% over the last nine months.

CRVS Chart 2 July 7

One stock near the bottom of the New York Stock Exchange (NYSE) is Micro Focus International PLC (NYSE:MFGP), which moved considerably lower after releasing half-year losses and announcing that not much will change in the second half of the financial year. MFGP was last seen down 19% to trade at $4.56, and the U.K.-based software company is now off 82.5% year-over year. 



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