Dow, S&P 500 Pivot Higher on Potential COVID-19 Treatment

The Nasdaq is taking a breather but is still eyeing sizable weekly gains

Deputy Editor
Jul 10, 2020 at 12:34 PM
facebook X logo linkedin

The Dow Jones Industrial Average (DJI) is up over 180 points at midday, after a morning spent in the red, amid news of a potential coronavirus treatment. Specifically, Gilead Sciences (GILD) announced its COVID-19 treatment, remdesivir, “was associated with an improvement in clinical recovery and a 62 percent reduction in the risk of mortality compared with standard of care.” Meanwhile, the S&P 500 (SPX) is also tacking on modest midday gains, though the Nasdaq Composite (NDX) is clinging close to the breakeven after a week of impressive highs. All three major indexes are looking to close the week with solid gains, however. 

News of a potential treatment is propping up oil as well. At last check, crude for August delivery is up 1.1% at $40.04 per barrel, although black gold is still on its way to a weekly decline as inventories remain high. Additionally, record-breaking new coronavirus infections in the U.S. are stifling investors' optimism concerning economic recovery. 

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

  • One analyst turned bullish on Foot Locker stock.
  • DPZ is sizzling on overdue bull notes. 
  • Plus, Carnival bulls are on board; WIMI scales the Nasdaq; and CNTG breaches key trendline. 

Midday Market Stats July 10

Carnival Corp (NYSE:CCL) is seeing a decent amount of activity in its options pits today, with 57,000 calls crossing the tape so far -- 2 times intraday average -- compared to 27,000 puts. The most popular is the July 15 call, followed by the weekly 7/10 16-strike call, with new positions being opened at the former. At last check, the stock is up 6.7% at $15.56, putting CCL up 21.7% over the last three months.

Holographic AR company WiMi Hologram Cloud Inc (NASDAQ:WIMI) is one of the best performers on the Nasdaq this morning after it announced plans to use AI facial recognition and face changing technology to drive a new wave of cloud platform and 5G applications. WIMI is up 88.5% at $7.24 at last check, and now boasts a quarter-to-date rise of 122.9%.

One of the worst performers on the Nasdaq, meanwhile, is Centogene NV (NASDAQ:CNTG) after the biotech company priced 3.5 million shares at $14 -- an 18% discount to last night's close. The shares of the COVID-19 test creator are down 21.7% at $13.38 at last check, set to close below their 120-day moving average for the first time since its formation. 


Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI