Major Indexes Hold Onto Gains as Investors Wait for Stimulus Update

All three major indexes are eyeing weekly gains

Digital Content Manager
Oct 9, 2020 at 12:02 PM
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The Dow Jones Industrial Average (DJI) is modestly higher at midday, as investors hold out hope for more stimulus news following reports of continued negotiations in Congress. As a result, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also slightly higher. Elsewhere, optimism is growing after a study showed that Gilead Sciences' (GILD) anti-viral treatment, remdesivir, reduced recovery time in patients with coronavirus by five days. As it stands, all major indexes are eyeing weekly gains.

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

  • Zoom stock moves higher after receiving Mizuho praise.
  • Chip stock nabs new record following slew of bull notes.
  • Plus, GameStop stock popping on Microsoft deal; transportation stock rises on preliminary results; and GTT Communications stock plunges following investigation.

Midday Market Stats 1009

One stock seeing notable options activity is GameStop Corp. (NYSE: GME), up 1.4% at $13.70 at last check. The jump came after the videogame company announced a multi-year deal with Microsoft (MSFT) to modernize its technology infrastructure and enable store associates to access insights about customer preferences and purchasing history. So far, 134,000 calls have crossed the tape -- eight times the average intraday amount. The most popular call is the weekly 10/9 15-strike, followed by the 14-strike call in the same series, with new positions currently being opened at both. Year-over-year, GME is up 173.9%.

Surging on the New York Stock Exchange (NYSE) is Matson Inc (NYSE:MATX), up 16.1% at $51.64 at last check, and earlier hitting a five-year-high of $52.78. Today's impressive bull gap came after the transportation company shared preliminary fiscal third quarter results, which indicated a year-over-year increase in consolidated income to $69.4 million. As a result, the stock earned a price-target hike from Stifel to $58 from $49. Prior to this bull note, MATX had been experiencing its fair share of volatility on the charts. Over the last couple of months, however, the security has been chopping higher, to more than double off this year's lows near the $23 level. Year-over-year, Matson stock is up 41.8%.

Meanwhile, dropping lower is GTT Communications Inc (NYSE: GTT), last seen down 4.5% at $4.94. The negative price action came after a law firm said it was investigating the telecommunications company on behalf of its stakeholders to determine whether the members of GTT's board of directors breached fiduciary duties. Though the news drove the security further down the charts, shares had already hit a seven-year low near the $3 level back in August, guided lower by the descending 80-day moving average. Year-to-date, GTT is down 56.5%.

GTT 80 Day

 

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