Major Indexes Retreat From Fresh Round of Record Highs

The GOP-controlled Senate is not expected to back $2,000 stimulus payments

Managing Editor
Dec 29, 2020 at 11:58 AM
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After another surge to fresh record highs late this morning, all three major indexes have given back most of today's gains, despite last night's approval from the U.S. House of Representatives of the Trump-backed $2,000 stimulus payment. Now headed to the GOP-controlled Senate, the anticipated rejection of the updated bill has the Dow Jones Industrial Average (DJI) 18 points lower, and the S&P 500 Index (SPX) struggling to remain in the black. Meanwhile, the Nasdaq Composite (IXIC) has given back nearly all of its early morning gains as well, and was last seen a mere four points above fair value.

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

  • Boeing stock lifts off as 737 MAX takes flight.
  • Psychological numbers to watch in the last week of 2020 trading.
  • Plus, SIRI's surprise options pop; the social media giant surging; and the "breakthrough" tech stock.


One stock seeing notable options activity today is Sirius XM Holdings Inc (NASDAQ:SIRI), last seen down 0.4% to trade at $6.32, though the catalyst remains unclear. So far today, 17,000 calls and 16,000 puts have already exchanged hands, which is seven times the intraday average, and pacing in the highest annual percentile. Most popular are the January 2021 6- and 6.50-strike calls, with new positions being opened at both. Regardless, SIRI continues to sport an 11.6% year-to-date deficit. 

Second from the top of the New York Stock Exchange (NYSE) today is Snap Inc (NYSE:SNAP), last seen up 8% at $52.15. The social media giant is on track to snap its six-day losing streak, after landing a price-target hike from Goldman Sachs to $70 from $47. The firm cited innovative tech partnerships and expressed optimism for the company's fourth-quarter revenue growth. Yesterday, a sharp pullback was captured by the ascending 30-day moving average, contributing to SNAP's long-term climb to its now 226% year-to-date lead.


Meanwhile, near the top of the Nasdaq this afternoon is Immersion Corporation (NASDAQ:IMMR), up 29.8% at $12.23, and earlier hitting a two-year high of $12.47, after the security received a price-target hike to $15 from $13 at Colliers. Analyst Charles Anderson also reiterated the firm's "buy" rating, citing the "breakthrough" technology behind Sony's (SNE) PlayStation 5, which hosts Immersion's haptics programming. As of this afternoon, IMMR is up 64.6% for 2020.


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