Stocks Extend Rebound as Inflation Concerns Ease

Tech stocks are on the rise

Laura McCandless

Deputy Editor

Mar 10, 2021 at 12:19 PM

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The Dow Jones Industrial Average (DJI) is extending this morning's gains, up over 396 points at last check as muted inflation data eases concerns brought about by the 10-Year Treasury yield's recent movement. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also firmly in the black, as tech stocks continue to rebound from their recent slump. In news from Washington, the House is still on track to pass the $1.9 trillion Covid-19 relief bill, while U.S President Joe Biden is expected to announce the purchase of 100 million more doses of Johnson & Johnson's (JNJ) coronavirus vaccine for U.S. citizens later today.

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

A dividend increase gives Toll Brothers stock a leg up.
HRB brushes off a couple of bull notes after earnings.
Plus, outperforming SLM sees options surge; MNOV moves higher on research development; and TUP plummets after earnings.

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One stock seeing a surge in options volume today is SLM Corporation (NASDAQ:SLM). So far, 20,000 calls and 19,000 puts have crossed the tape -- seven times what's typically seen at this point. Most of of the entirety of this volume surge comes from two contracts -- the March 20 call and the March 20 put. Since August, SLM has carved out a channel of higher highs with help from the 20-day moving average. Extending yesterday's 13-year high of $16.36, the stock is up 72.4% year-over-year.

MediciNova Inc (NASDAQ:MNOV) is soaring today, up 59.3% at $9.05 at last check, amid news that it has partnered with the Biomedical Advanced Research and Development Authority (BARDA) to work on treatment for chlorine gas-induced lung damage. To follow, Maxim Group initiated coverage with a "buy" rating and $15 price target. Year-over-year, the stock is up 137.6%.

Meanwhile, dropping lower on the New York Stock Exchange (NYSE) is Tupperware Brands Corporation (NYSE:TUP), down 25.5% to trade at $24.13. The company reported fourth-quarter earnings of 14 cents per share, much lower than analysts' anticipated 71 cents, though the company also announced a revenue beat. Today's bear gap has TUP dipping below support at the $29 region, and below its 150-day moving average for the first time since June.

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