Major Indexes Extend Gains as Tech, Bank Stocks Rise

House Speaker Nancy Pelosi gave a long-awaited positive statement on the second stimulus

Deputy Editor
Sep 28, 2020 at 12:05 PM
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The Dow Jones Industrial Average (DJI) is up over 450 points midday, as the market starts strong after four-straight weeks of losses. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also firmly in the black, as Big Tech stocks extend their rebound alongside rising bank names. Long-awaited positive news on the second stimulus package came late on Sunday from House Speaker Nancy Pelosi, boosting sentiment, though the two parties have not voiced any solid indication of agreement. 

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

  • Semiconductor stock topples key trendline. 
  • Pharma giant falters on vaccine investigation. 
  • Plus, MTCH sees bearish options surge; SPCE surges on new bull note; and the biopharma name plummeting. 

MMC Sep 28

One stock seeing notable options activity is Match Group Inc (NASDAQ:MTCH), up 2.4% at $108.31, after appointing Tracey Breeden as the first-ever head of safety and social advocacy. So far, 17,000 puts have crossed the tape -- 41 times what's typically seen at this point and put volume pacing for the 100th percentile of its annual range. The October 90 put makes up almost the entirety of this volume, where new positions are being opened.  

Climbing on the New York Stock Exchange (NYSE) today after BofA Global Research and Susquehanna initiated coverage with a "buy" and "positive" rating, is Virgin Galactic Holdings Inc (NYSE:SPCE), up 18.8% at $19.52 at last check. Today's pop has the stock gapping above the 40-day moving average for the first time since early August. Year-to-date, the equity is up 69.7%. 

SPCE Sep 28

Meanwhile, dropping to the bottom of the NASDAQ is Eiger BioPharmaceuticals Inc (NASDAQ:EIGR), last seen down 20.2% at $7.90, after Lambda, one of its treatments, failed to produce positive COVID-19 results. Now below the $8 region for the first time since early May, EIGR is down 46.7% year-to-date. 


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