The Dow is lingering below breakeven levels
After inching higher to begin the day, the Dow Jones Industrial Average (DJI) is treading the line between losses and gains at midday. The blue-chip index was last seen down around 60 points, as coronavirus cases continue to surge across the U.S. The S&P 500 Index (SPX) and tech-heavy Nasdaq Composite (IXIC) have pared their losses to tread water, despite FAANG giant Netflix (NFLX) suffering a 7% post-earnings drop. As the week draws to a close, the Dow and S&P 500 are holding on to weekly wins, while the Nasdaq is staring at a weekly loss.
Meanwhile, despite the growing uncertainty surrounding the global recovery from the COVID-19 pandemic, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), is cruising toward its fifth straight weekly loss.
Continue reading for more on today's market, including:
- Job cuts are doing little to stifle Microsoft stock.
- BLK is pivoting higher after blowout earnings.
- Plus, UAA calls flying off the shelves; RumbleON scaling Nasdaq; and Cytokinetics stock tanks after stock offering.
One stock seeing ample activity in its options pits is Under Armor Class A (NYSE:UAA). At last check, over 7,000 calls were being exchanged so far today -- four times the intraday average -- compared to just over 500 puts. This comes after the retailer announced its fiscal second-quarter earnings and conference call date. Most popular is the weekly 7/24 10-strike call, followed closely by the July 10.50 call. The stock is up 0.7% at $10.44 on the day, but still down 52% year-to-date.
One of the best performing stocks on the Nasdaq today is RumbleON Inc (NASDAQ:RMBL), last seen up 124.3% at $24.04, after the company announced a pilot program with CarGurus (CARG) which will utilize RumbleON's technology and distribution services. RMBL now boasts a 46% year-to-date lead, though year-over-year RumbleOn stock is still down 72.4%.
Meanwhile, near the bottom of the Nasdaq's barrel today is Cytokinetics, Inc. (NASDAQ:CYTK). This comes after the company priced its public offering of over 7 million shares at $24, totaling $175 million. At last check, CYTK is off 9.5% to trade at $23.28, while also down 8.8% for the week. Despite the drop, the shares' 40-day moving average has stepped up as support today.
