Stocks Bouncing Back, Set to Snap Skids

Job openings rose for the third-straight month

Deputy Editor
Sep 9, 2020 at 11:58 AM
facebook twitter linkedin

The Dow Jones Industrial Average (DJI) is up over 500 points midday, extending this morning's gains as the tech sector rebounds from its multi-day slump. The Nasdaq Composite (IXIC) and S&P 500 Index (SPX) are also in the black, with all three indexes set to snap their three-day losing streaks.

Investors are so far brushing off the less-than-savory coronavirus vaccine news that AstraZeneca's (AZN) late-stage drug trial was put on hold due to a candidate's suspected negative reaction. Meanwhile, U.S. job openings increased by 617,000 to 6.6 million for July, rising for the third-straight month and surpassing analyst expectations -- though the pace of hiring fell to 4.1% from 5.1%.

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

  • This battery name is powering down amid a lawsuit.
  • See why Stitch Fix stock is weaving a path toward former highs. 
  • Plus, call traders pile on VSTO; drug stock touts bipolar depression therapy; and boatmaker drops after quarterly results. 

MMC Sep 9

One stock seeing notable options activity is Vista Outdoor Inc (NYSE:VSTO). So far, 24,000 contracts have crossed the tape, volume 17 times what is typically seen at this point and already at an annual high. Most popular are the September 17.50 and 22.50 calls, as well as the November 20 put. Though the reason for today's options surge is unclear, the recreational company was last seen down 3.9% at $17.60.  

Topping the Nasdaq today is Intra-Cellular Therapies Inc (NASDAQ:ITCI), soaring up 65.4% to trade at $30.22 at last check. This comes after the biotech company reported positive results from its late-stage bipolar depression therapy treatment. Now trading at levels not seen since January, the stock is up 197.5% year-over-year. 

On the other end of the spectrum is Mastercraft Boat Holdings Inc (NASDAQ:MCFT), last seen down 18.6% at $18.28, despite the boatmaker reporting narrower-than-expected fiscal fourth-quarter losses. The stock has been seeing pressure around the $21 region, and has now pulled back to its 100-day moving average. Nevertheless, the equity is still up 16.3% year-to-date. 

MCFT Sep 9


Minimize Risk While Maximizing Profits

There is no options strategy like this one, which consistently minimizes risk while maintaining maximum profits. Perfect for traders looking for ways to control risk, reduce losses, and increase the likelihood of success when trading calls and puts. The Schaeffer’s team has over 41 years of options trading success targeting +100% gains on every trade. Rest assured your losses are effectively limited to your initial cost at the time of making your move! Don't waste another second... join us right now before the next trade is released! 



Special Offers from Schaeffer's Trading Partners