S&P 500, Nasdaq Hit More Record Highs Despite Dismal Jobs Data

All three major indexes are eyeing weekly wins

Digital Content Manager
Jan 8, 2021 at 12:23 PM
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Stocks are once again breaking records this afternoon, with all three major indexes eyeing weekly wins for the first trading week of 2021. Both the S&P 500 Index (SPX) and tech-heavy Nasdaq Composite (IXIC) scored fresh intraday highs for a second-straight session. Meanwhile, the Dow Jones Industrial Average (DJI) is losing traction at midday, down roughly 75 points. Investors have largely brushed off worse-than-expected jobs data, which showed the economy lost 140,000 jobs in December, as COVID-19 cases continue to rise across the U.S. 

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

  • Anticipated upside sends Goodyear stock surging.
  • Boeing stock takes a hit after Justice Department settlement. 
  • Plus, bull note boosts DDD options activity; New Relic stock surges after naming new president; and mining stock drops despite strong YoY lead. 

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One stock seeing notable options activity today is 3D Systems Corporation (NYSE:DDD), last seen up 24.4%% to trade at $28.42, after the security earned a price-target hike from Craig-Hallum to $27 from $11, following the company's fourth-quarter preliminary review. So far today, 74,000 calls and 39,000 puts have already crossed the tape, which is 13 times the intraday average. Most popular is the monthly January 2021 25-stike call, followed by the 30-strike call in the same monthly series. The security just hit a five-year high of of $31.24 earlier today, staging a sharp bounce off its 30-day moving average. Plus, in the last six months, DDD has managed to tack on over 361%.

Another stock near the top of the New York Stock Exchange (NYSE) today is tech concern New Relic Inc (NYSE:NEWR), last seen up 18.1% at an 18-month high of $76.72. The significant bull gap came after the software company promoted Bill Staples to President and Chief Product Officer. The equity has has a volatile run of the charts of late, but today's pop helped shares break through long-time resistance at the $74 mark. In the last nine months, NEWR is up 49.7%.

Near the bottom of the NYSE today is Hecla Mining Company (NYSE:HL), last seen down 9% to trade at $6.21, as the strengthening dollar weighs heavily on the precious metal mining sector. Prior to today's drop, the stock had been consolidating just a hair below its Jan. 4, four-year high of $7.06. While the equity is trading back near its late-December levels, the ascending 20-day moving average looks poised to contain further losses. Longer term, HL still sports an impressive 104.2% year-over-year lead.

HL 20 Day

Trader: Sell These 8 Stocks in 2021

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