Upbeat Economic Data Sends Stocks Higher at Midday

Better-than-expected jobless data is guiding the major benchmarks higher

Digital Content Manager
Feb 4, 2021 at 12:24 PM
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This morning's upbeat weekly jobless claims data, along with well-received earnings from eBay (EBAY) and PayPal (PYPL), are propping up the market at midday. The Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) are both eyeing their fourth-consecutive wins. The blue-chip index is roughly 296 points higher, thanks to outsized gains from Apple (AAPL), which is nearing an agreement with Hyundai-Kia to produce autonomous electric cars. Meanwhile, the Nasdaq Composite (IXIC) is also eyeing a sizable win. Elsewhere, Republicans countered President Joe Biden's $1.9 trillion stimulus proposal with a $618 billion relief fund, trimming individual payments to Americans down to $1,000. 

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

  • Earnings win sends Canada Goose stock flying high.
  • Why Clorox stock can't capitalize on its fourth-quarter beat. 
  • Plus, Sunrun stock stares at key trendline; AACG scores new record; and biotech stock gives back gains. 

midday stats feb 4 2021

There is an unusual amount of bullish options activity surrounding Sunrun Inc (NASDAQ:RUN) this afternoon, though a reason was not immediately clear. So far, 19,000 calls have crossed the tape, which is three times the intraday average. Most popular by far is the August 75 call, where new positions are being opened, while the February 80 call is also getting some attention. At last check, RUN is up 1.9% at $75.50. The security is pacing for its fourth-straight win, though the 30-day moving average -- a trendline that it breached late last month -- could act as a rejection level on the charts. 

RUN Feb 4

One of the best stocks on the Nasdaq today is China-based testing services concern ATA Creativity Global (NASDAQ:AACG). While the driving factor for this surge isn't clear quite yet, the equity is up 219.9% at $4.35, after earlier hitting an all-time high of $5.67. Looking back, it appears the security had been trading sideways since August, though the 40-day moving average has recently put some wind in its sails. In the past nine months, AACG is up over 431.3%. 

Meanwhile, Tyme Technologies Inc (NADSAQ:TYME) is one of the worst performing stocks on the Nasdaq today, after the biotech name announced a $100 million registered direct offering of its common stock. The company will sell 40 million shares at $2.50 per share. Separately, the firm added trials for its TYME-19 coronavirus treatment will start sometime this year. The equity was last seen surging just yesterday, to finish the session up roughly 94%. Today's plummet has the stock trading back below its previous Jan. 12 peak of $2.50, though. Longer term, TYME sports a healthy 55.3% year-over-year lead. 

 

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