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Nasdaq, SPX Hit Fresh Highs on Positive Vaccine Data

However, the Dow is firmly in the red midday

Deputy Editor
Aug 26, 2020 at 11:52 AM
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The S&P 500 Index (SPX) and Nasdaq Composite (ICIX) are both in the black after hitting fresh record highs, boosted by rising tech stocks. Sentiment is also hopeful after Moderna (MRNA) announced that its coronavirus vaccine candidate produced antibodies in elderly patients, while, in terms of economic data, U.S. durable goods rose 11.2% in July. However, neither of these were enough to bolster the Dow Jones Industrial Average (DJI), which remains firmly in the red midday. 

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

  • Homebuilder capitalizes on record-low mortgage rates.  
  • Pharma stock falls on U.S. government prosecution. 
  • Plus, FLDM sees call surge on FDA emergency approval; analysts rush to soaring Salesforce stock; and REX drops on its quarterly report. 

mmc august 26

One stock seeing notable activity in its options pits is Fluidigm Corp (NASDAQ:FLDM), surging 26.6% at $11.13 at last check, after its saliva-based COVID-19 test received emergency approval from the FDA. So far, 24,000 calls have crossed the tape -- 21 times what's typically seen at this point. Most popular is the September 12.50-strike call, followed by the October 7.50-strike call, with new positions being opened at both. FLDM is extending yesterday's annual high, up 42% in the last weekly period. 

Near the top of the New York Stock Exchange (NYSE) today is Salesforce.com Inc (NYSE:CRM), up 25% at $270 at last check -- a new record high -- after a stellar second-quarter earnings report and raised 2021 forecast. Furthermore, no fewer than 22 analysts raised their price targets, including Webush up to $300. Year-to-date, the equity is up 65.3%.  

Conversely, dropping lower on the NYSE is Rex American Resources Corp (NYSE:REX), last seen down 7.2% at $71.94, after reporting a lower-than-expected second-quarter loss and revenue. Currently contending with support at the 30-day moving average, the stock is down 14% year-to-date. 

Rex mmc August 26

 

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