S&P 500 Looks to Snap Losing Streak, Dow Rises on Trump Criticism

President Trump off-the-cuff urged lawmakers to give citizens $2,000 checks

Assistant Editor
Dec 23, 2020 at 12:12 PM
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Stocks are higher this afternoon, despite U.S. President Donald Trump's criticism of the new COVID-19 relief package. Trump called the package an "unsuitable disgrace," and urged lawmakers to make changes, including increasing the amount of direct payments to $2,000 from $600. House Speaker Nancy Pelosi responded in turn, agreeing with the president and moving to pass a measure by unanimous consent on Thursday. In response, the Dow Jones Industrial Average (DJI) is up nearly 215 points at midday.

Meanwhile the S&P 500 Index (SPX) is rebounding from a three-day losing streak, and the tech-laden Nasdaq Composite (IXIC) is relatively flat thanks to dips from Amazon.com (AMZN) and Microsoft (MSFT). Lastly, investor sentiment was boosted by an upbeat jobless claims report, alongside other economic data.

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

  • Oprah's million-dollar sale is pumping up DISCA.
  • Despite a bull note, RealReal stock is pulling back.
  • Plus, options traders flocking to PAYX after earnings; Dillard's stock is soaring on a bull note; and one streaming giant taking a breather.

Midday Market Stats December 23

One stock seeing notable options activity today is Paychex, Inc. (NASDAQ:PAYX),after the company announced fiscal second-quarter earnings and revenue that beat Wall Street's estimates. PAYX was last seen up 0.08% to trade at $96.71, earlier hitting a record high of $99.95, and so far today, 6,795 calls and 2,921 puts have already exchanged hands -- 14 times the intraday average and volume pacing in the 100th percentile of its annual range. Most popular is the January 2021 100-strike call, followed by the 87.50-strike put from the same series. Meanwhile, Paychex stock has tacked on 21.4% this quarter.

Meanwhile, one stock near the top of the New York Stock Exchange (NYSE) today is Dillard's, Inc. (NYSE:DDS), last seen up 10.2% at $58.57, after landing a price-target hike to $60 from Wedbush. With support from its 20-day moving average, DDS has managed an 55% rise over the current quarter. Still, year-to-date, the equity is down over 20%.

DDS Chart 3 December 23

Near the bottom of the NYSE today is FuboTv Inc (NYSE:FUBO), last seen down 8.3% to trade at $57.00, after five straight sessions of marking double-digit percentage gains. BMO cut its coverage to "market perform" from "outperform" as well. Still, FuboTv stock has added 531.7% in 2020, and continues to trade near all-time high territory. 

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