FAANG Boosts Markets as Big Tech Extends Rally

The Federal Reserve will begin its two-day policy meeting later today

Deputy Editor
Sep 15, 2020 at 12:10 PM
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The Dow Jones Industrial Average (DJI) and Nasdaq Composite (IXIC) are up triple-digits midday, building on yesterday's rebound thanks to outsized gains from FAANG stocks. The S&P 500 Index (SPX) is also in the black, as investors digest encouraging economic data out of China, which reported its first retail sales increase for the year. Meanwhile, the Federal Reserve kicks off its two-day policy meeting later today, and Apple (AAPL) will host its virtual product reveal. 

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

  • Amazon.com adds luxury online shopping experience. 
  • This blue chip attempts to topple technical ceiling.  
  • Plus, LEN sees post-earnings options surge; EQ soars on FDA news; and OSTK falls despite new bull note. 

mmc sept 15

One stock seeing notable options activity is Lennar Corporation (NYSE:LEN), down 3.4% at $76.30 after posting fiscal third-quarter growth below its sector peers, despite a positive quarterly report. So far, 11,000 calls and 10,000 puts have crossed the tape -- six times what's typically seen at this point. Most popular are the September 70 put and 79 call, with new positions being opened at the latter. 

Soaring towards the top of the Nasdaq today is Equillium Inc (NASDAQ:EQ), up 10% at $6.30 at last check, after positive feedback from the Food and Drug Administration (FDA) on its COVID-19 treatment study. EQ is up 89% year-to-date, but is a ways off its July 13 record high of $27.05. 

Meanwhile, Overstock.com Inc (NASDAQ:OSTK) is down 6.5% at $70.81, brushing off Needham's initiated coverage -- a "buy" rating and $96 price target. Though down 24.2% for the month, today's fall was caught by the 60-day moving average. Year-to-date, OSTK is up an impressive 922%. 

ostk sept 15

 

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