Big Tech is saving the Nasdaq from losses seen by the Dow and S&P 500
Stellar quarterly earnings from major tech companies like Amazon (AMZN), Apple (AAPL), and Facebook (FB) are propping up the tech-heavy Nasdaq Composite (IXIC), but the other major indexes aren't faring so well. The Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) both erased their earlier gains, with the former down over 180 points midday. An earnings miss from blue-chip name Chevron (CVX) is dragging down the Dow. Meanwhile, indecision surrounding the coronavirus relief bill, just as unemployment benefits are set to expire, is undoubtedly making Wall Street nervous.
Oil prices are relatively unchanged today, though the commodity is on track for a monthly win on the back of the softening U.S. dollar. At last check, crude for August delivery is down 0.1% at $39.86 per barrel, while gold is on its way for its biggest monthly gain in eight years, up 2.1% at $1,983.50 per ounce at last check.
Continue reading for more on today's market, including:
- AAPL is booming after an upbeat earnings report and stock split announcement.
- Meanwhile, Alphabet stock is slipping after posting its first ever drop in revenue.
- Plus, SRNE calls are a big hit; Pinterest stock is surging; and Eastman Kodak stock is falling on the charts.
One stock seeing notable activity in its options pits is Sorrento Therapeutics Inc. (NASDAQ:SRNE). Over 33,000 calls have exchanged hands, which is five times the intraday average with volume pacing in the 99th percentile of of its annual range. This is compared to just 3,264 puts. The two most popular are the August 10 and 15 calls. The equity was last seen up 17.7% at $10.06, and just hit a two-year high of $10.54 earlier today.
Pinterest Inc (NYSE:PINS) is one of the best performers on the New York Stock Exchange (NYSE) today, last seen up 31.5% at $33.06. Today's surge comes after PINS bested analysts' second-quarter quarter expectations. The social media name boasts an impressive 74.1% year-to-date lead, and just toppled its 20-day moving average after briefly dipping below the trendline.
Meanwhile, one of the bottom performers on the NYSE today is Eastman Kodak Company (NYSE:KODK), last seen down 24.1% at $22.64, just a few days after it was reported the company secured a $765 million loan from the U.S. government to speed up development of Kodak Pharmaceuticals, causing the stock to surge 318.1% in one day. While investors are undoubtedly taking profits on that one-day jump, the security is still trading well above former pressure at is 320-day moving average, and boasts a year-to-date gain of 369.8%.