Stocks Extend Gains Amid Retail Frenzy, Stimulus Updates

The major indexes are attempting to recover from their worst week since October

Deputy Editor
Feb 1, 2021 at 12:26 PM
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The major indexes are maintaining sizeable gains at midday, as investors attempt to brush off last week's manic, Reddit-fueled speculative trading.  GameStop (GME) -- one of the main targets -- is plummeting today, as online trading firm Robinhood continues to impose trading restrictions. Meanwhilemany on Wall Street seem to think the worst is already over. It seems like some of this mania has extended to commodities, however. Silver futures saw an 11% surge, with #silversqueeze trending on Twitter (TWTR).

The Dow Jones Industrial Average (DJI) is up roughly 184 points at the midway mark, while the Nasdaq Composite (IXIC) and S&P 500 Index (SPX) are firmly in the black as well. The battle over emergency stimulus is raging, too, after 10 Republican senators sent President Joe Biden a letter urging him to tone down his most recent stimulus proposal, suggesting that he lowers stimulus payments to $1,000 from $1,400.

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

  • A look at Moderna's latest vaccine update.
  • What analysts have to say about StitchFix stock
  • Plus, food delivery stock blasted with bearish bets; LODE topples long-term overhead pressure; and KOSS becomes Reddit's latest target.

Midday Market Stats Feb 1 2021

Food delivery name DoorDash Inc (NYSE:DASH) is seeing an unusual amount of bearish trading activity today. At last check, the equity is down 1% to trade at $191.50. Though the reason is not completely clear, over 22,000 puts have crossed the tape so far -- twice the intraday average -- compared to just 1,836 calls. The February 130 put is the most popular by far, with positions currently being opened and no fewer than 19,506 contracts exchanged at last check. DASH went public in early December, and so far has traded near the $189.95 close it notched on its first day of trading. The security is now testing its 10-day moving average, which briefly acted as support in January. Year-to-date, DASH is up 34%.

Comstock Mining Inc (NYSE:LODE) is one of the top performing stocks on the New York Stock Exchange (NYSE) today. The security has already tacked on 108.8% to trade at $2.84, though a reason for the surge was not immediately apparent, either. The equity hit a fresh four-year high earlier today, clearing overhead pressure near the $1.30 mark. Additionally, Comstock mining stock has added over 433% in the last nine months, with long-time support at the 120-day moving average keeping some wind at the equity's back. 

LODE Feb 1

Headphone and stereo manufacturer Koss Corporation (NASDAQ:KOSS) is one of the worst performers on the Nasdaq today. At last check, the equity was down 39.2% to trade at $38.94. The security appears to be yet another target of a Reddit-fueled trading frenzy, which also made GME volatile. Similarly, the equity just surged to a Jan. 28 all-time high of $127.45, but it's now making its way back down the charts. Year-over-year, KOSS is up 2,509.5%.

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