Stocks Inch Higher as S&P, Nasdaq Score New Highs

Investors are unpacking encouraging manufacturing data for August

Assistant Editor
Sep 1, 2020 at 11:57 AM
facebook twitter linkedin


The Dow Jones Industrial Average (DJI) is up over 70 points midday, as the blue-chip index looks to secure its fourth win in five days. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are in the black as well, scoring intraday record highs with tech stocks in the lead. Meanwhile, the August Institute for Supply Management (ISM) manufacturing index rose to a better-than-expected rate of 56%, rising for the fourth-straight month. 

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

  • Walmart introduces membership service rivaling Amazon Prime.  
  • Gap stock's polling buzz amid long-term call surge. 
  • Plus, GNW calls popping; Zoom stock soars to new highs; and SCSC falls on quarterly report. 

mmc stats sept 1

One stock seeing notable activity in its options pits is Genworth Financial Inc (NYSE:GNW), last seen up 8.6% at $3.28, after announcing it does not plan to terminate its merger with China's Oceanwide. So far, 15,000 calls have crossed the tape -- 11 times what's typically seen at this point and volume in the 99th percentile of its annual range. Most popular is the September 3 call, followed by the December 4 call and new positions being opened at the latter. 

Soaring toward the top of the Nasdaq today is Zoom Video Communications Inc (NASDAQ:ZM), up 45% to trade at $471.38 -- on track for its third-straight win and best day ever. This surge follows the conferencing company's stellar second-quarter report beat-and-raise, after which BTIG upgraded the stock to "buy" from "neutral," alongside no fewer than 11 price-target hikes from other analysts. Year-to-date, Zoom stock is now up around 587%. 

Conversely, dropping lower on the Nasdaq after its fiscal fourth-quarter report is ScanSource Inc (NASDAQ:SCSC), down 10.9% at $22.01 at last check. Today's damage will look to be contained by the $22 level, with SCSC now down 40.5% in 2020. 

mmc scsc sept 1


A Schaeffer's exclusive!

The Expert's Guide

Access your FREE trading earnings guide for Q3 before it's too late!


  
 
Special Offers from Schaeffer's Trading Partners