Stocks Mixed as Market Reacts to Rising Bond Yields

The bank sector is enjoying a boost while investors drop tech stocks

Assistant Editor
Mar 12, 2021 at 12:24 PM
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Stocks are mixed midday, as the market responds to the 10-Year Treasury yield's jump, which now has it sitting at a new annual high of 1.63%. The Dow Jones Industrial Average (DJI) is up nearly 137 points midday, stringing together five consecutive days of record intraday highs, as rising interest rates give bank stocks a boost. However, tech is predictably discouraged by the upsurge, and the S&P 500 (SPX) and Nasdaq Composite (IXIC) are firmly in the red, with the former dropping from Thursday night's closing high.

Meanwhile, consumer sentiment for March hit a post-pandemic high, jumping to a better-than-expected reading of 83. Investor's are also keeping an eye on Washington, after President Joe Biden yesterday signed the $1.9 trillion Covid-19 relief package, and announced last night that he would make all adults eligible for the coronavirus vaccine by May 1. 

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

  • Novavax stock reclaims key level on vaccine update. 
  • Newly public POSH hit with bear notes after dismal forecast
  • Plus, LB calls pop amid fresh highs; ENTX soars on trial update; and CHPT falls after earnings.  

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One stock on the New York Stock Exchange (NYSE) seeing a surge in call volume today is Victoria's Secret parent L Brands (NYSE:LB). So far, 27,000 calls have crossed the tape -- eight times what's typically seen at this point. The April 57.50 call is the most popular, followed by the May 65 call, with new positions being opened at the latter. At last check, LB was up 8.8% at $60.77, marking a fresh three-year high, after the company raised its profit forecast and reinstated its dividend at 60 cents per share. 

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Entera Bio Ltd (NASDAQ:ENTX) is soaring on the charts today, up 123.3% to trade at $9.02 at last check. This price action is extending yesterday's gap higher, after the Israel-based drugmaker met its main goal in a mid-stage trial of its osteoporosis treatment candidate, EB613. To follow, Maxim Group raised its price target to $10 from $5. Now, the equity is up a whopping 611.1% year-to-date. 

Meanwhile, ChargePoint Holdings Inc (NYSE:CHPT) is one of the worst performing stocks on the NYSE. CHPT was last seen down 9.7% at $27.48 after the electric vehicle charging company announced fourth-quarter losses per share of $5.29, plus, rival Blink Charging (BLNK) won an important grant from the Ohio Environmental Protection Agency’s Diesel Mitigation Trust Fund as it looks toward expansion. Looking to snap a three-day win streak, the equity is down around 32% year-to-date. 

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