Dow, Nasdaq Lagging on Microsoft Losses, Jobs Data

Initial jobless claims came in at over 1 million for the 18th straight week

Jake Scott
Jul 23, 2020 at 12:32 PM
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The Dow Jones Industrial Average (DJI) was last seen down over 70 points, dampened by Microsoft (MSFT), which has lost nearly 2% so far today after reporting a sluggish quarter for transactional license purchasing. Meanwhile, the tech-rich Nasdaq Composite (IXIC) is reacting to the news, dropping deeper into the red midday, while the S&P 500 Index (SPX) is struggling to find direction. Investors are also contending with disappointing unemployment data, with today's numbers marking the 18th straight week of over 1 million initial claims.

Oil is slightly higher, though, as the weakening U.S. dollar overshadows fears over fuel demand. At last check, crude for August delivery is up 0.4% at $42.05.

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

  • Southwest Airlines stock suffering after an earnings bust.
  • Corteva plows over competition on a U.S. appeals court decision
  • Plus, Ballard Power stock's call volume is surging; BCOV is one of the Nasdaq's top performers; and Trinity Industries stock is sinking after earnings.

Midday Market Stats July 23

One stock seeing notable activity in its options pits is Ballard Power Systems Inc (NASDAQ:BLDP). Over 15,000 calls have exchanged hands today -- 10 times the intraday average -- with volume in the highest percentile of its annual range. Most popular by far is the August 21 call, where new positions are being opened.

Ballard Power stock is steadily falling away from its July 9 all-time high of $21.61. The equity was last seen down 4.9% at $17.21, set to close south of its 20-day moving average for the first time since May. On the other hand, BLDP is still up 135% for the year. 

One of the best performing stocks on the Nasdaq today is cloud-provider Brightcove Inc (NASDAQ:BCOV), last seen up 32.6% at $10.70. BCOV's rise today comes on the back of a second-quarter revenue beat, sparking a price-target hike to $16 from $11 from Northland Capital Markets. Brightcove stock now boasts a 38.2% quarter-to-date lead, and just broke out atop long-time pressure at its 180-day moving average. 

BCOV Chart 2 July 23

One stock sitting at the bottom of the New York Stock Exchange (NYSE) is Trinity Industries Inc (NYSE:TRN). The security is down 9.4%, last seen trading at $19.34, after the company announced second-quarter earnings that came in well below analysts' estimates. The stock is set to close below its 200-day moving average, which caught a sharp pullback earlier this month. 


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