Dow, S&P 500 Jump Higher on Stimulus Progress

The Dow is up over 440 points midday

Deputy Editor
Mar 8, 2021 at 12:11 PM
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The Dow Jones Industrial Average (DJI) is up over 440 points midday as progress on the $1.9 trillion Covid-19 relief bill, which was passed by the Senate on Saturday, lifts investor sentiment. The S&P 500 Index (SPX) , meanwhile, is registering modest gains, while the Nasdaq Composite (IXIC) is struggling below breakeven as tech's battle against rising bond yields wages on. The 10-year Treasury yield rose to 1.61% this morning, before dropping back to 1.59% this afternoon.

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

  • ADPT looking to extend its losing streak after a bear note
  • Option traders eye Disney stock amid reopening news.  
  • Plus, Option bulls blast GMS; EYES extends its wild rally; and ANAB falls on trial results. 

MMC0508

One stock on the New York Stock Exchange (NYSE) seeing a surge in call volume today is construction supply name GMS Inc (NYSE:GMS). So far, 20,000 calls have crossed the tape, which is 173 times what's typically seen at this point. The June 40 call is the most popular, where new positions are being opened. This bullish options activity comes as GMS gaps to record highs, after Stephens raised its price target to $45 from $30. At last check, the stock is up 5.9% to trade at $42.

Second Sight Medical Products Inc (NASDAQ:EYES) is soaring higher today, up 98.1% at $11.47 at last check, and gaining popularity on social media platform StockTwits. Today's price action extends Friday's jump, after the U.S. Food and Drug Administration (FDA) approved the company's Argus 2s Retinal Prosthesis System, which treats a genetic disorder that affects vision. Jumping to its highest levels in two and a half years, EYES is up over 500% in the last week. 

Conversely, the shares of AnaptysBio Inc (NASDAQ:ANAB) are down 36.1% at $18.83, after the company's skin disorder drug, ANB019, failed to meet its goal in a late-stage study. Gapping to its lowest levels since October of 2020, ANAB is now contending with its 320-day moving average for the first time since then. Year-to-date, the equity is down around 11%. 

ANAB MMC

 

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