Dow, S&P 500 Fall As COVID-19 Cases Rise

While a relief bill is close, Americans shouldn't expect stimulus checks

Deputy Editor
Dec 7, 2020 at 11:58 AM
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Following a record-setting session, the Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) are lower at midday, as coronavirus cases continue to rise and the outlook of additional fiscal stimulus remains uncertain. U.S. President Donald Trump and Senate Majority Leader Mitch McConnell seemed poised to back another relief bill, but a second round of stimulus checks will most likely not be included. As a result, the blue-chip index has shed over 130 points, with shares of Chevron (CVX) and Intel (INTC) among the worst performing. Elsewhere, the Nasdaq Composite (IXIC) rose to another record high, thanks to shares of certain FAANG stocks, as well as Tesla's (TSLA) 4.6% bump.

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

  • Cisco stock drops after a cash-deal announcement.
  • Chick-fil-A lawsuit triggers a Tyson stock drop.
  • Plus, more on Kodak's fight to climb back up the charts; why TRNE surged on the NYSE; and one biotech stock that's plunging.

Midday Market Stats December 7

One stock seeing notable options activity today is Eastman Kodak Company (NYSE:KODK), which was last seen up a staggering 58.4% to trade at $11.93. This comes after a government watchdog agency found no wrongdoing in relation to the company's planned loan to produce drug ingredients for the U.S. government. Meanwhile, 77,000 calls and 34,000 puts have crossed the tape so far today -- 21 times the intraday average and volume pacing in the top percentile of its annual range. Most popular by far is the weekly 12/11 12.50-strike call, followed by the December 20 call, with new positions being opened at both.

Meanwhile, one stock surging on the New York Stock Exchange (NYSE) today is Trine Acquisition Corporation (NYSE:TRNE). TRNE was last seen up 17.6% to trade at a new all-time high of $20.35. Though the reason is unclear, the equity has now locked in a 99.4% rise in 2020, guided higher by its 10-day moving average.

TRNE Chart December 7

At the other end of the NYSE, SQZ Biotechnologies Co (NYSE:SQZ) is down 13.6% to trade at $22.66. SQZ stock debuted on the NYSE on Nov. 4, and by Nov. 17, traded as high as $36.49. While the stock has clearly pulled back significantly since then, it's still managed a 14.3% rise over the last month.

 

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