Stocks Static On More COVID-19 Concerns

The U.S. reported a record daily spike in coronavirus cases

Deputy Editor
Jul 8, 2020 at 12:24 PM
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The Dow Jones Industrial Average (DJI) is clinging close to the breakeven at midday, erasing this morning's 200-point rally. Meanwhile, the S&P 500 (SPX) and Nasdaq Composite (NDX) are in similar positions, though another promising day for big tech is keeping some wind at the latter's back.

While it's been a quiet day for news up to this point, investors are keeping their eye toward the alarming spike in new COVID-19 infections across the U.S. According to data from Johns Hopkins University, the U.S. reported a record daily spike of more than 60,000 new infections yesterday. Oil has failed to find its footing so far today, too, unchanged amid an unexpected build in U.S. inventories. At last check, crude for August delivery is up 0.1% at $40.65 per barrel.

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

  • Walmart will launch an Amazon Prime competitor, according to reports. 
  • An FDA application sends Biogen stock soaring.
  • Plus, UBER calls are flying off the shelves; one insurance stock soaring on acquisition buzz; and Levi Strauss stock is suffering amid financial troubles. 

Midday Market Stats July 8

Uber Technologies Inc (NYSE:UBER) is seeing a fair amount of activity in its options pits today, with 51,000 calls crossing the tape so far -- double the intraday average -- compared to just 6,715 puts. The most popular is the July 34.50 call, with new positions being opened here. At last check, the stock is up 0.7% at $33.0, on pace to notch its fourth consecutive win. 

National General Holdings Corp (NASDAQ:NGHC) is one of the best performers on the Nasdaq after former rival Allstate (ALL) agreed to acquire the insurance company for a reported $4 billion. NGHC is up 64.7% to a new all-time high of $33.60 at last check, and now boasts a three-month rise of 108.6%. Plus, the stock is set to topple its 320-day moving average -- a trendline that has kept a stiff lid on the shares since March 2019, save for a brief stint north of here in early June. 

One of the worst performers on the New York Stock Exchange (NYSE) is Levi Strauss & Co. (NYSE:LEVI), after the company announced its intention to cut around 700 jobs. The denim company also warned that the second half of 2020 could usher in more losses. Now down 7.6% at $12.79, LEVI is set to close back below its 80-day moving average -- a trendline it has been dancing around since mid-May -- following an attempt to topple the area last week. For the year, the stock is down 34.3%. 

LEVI Chart July 8

 

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