Benchmarks Make Moves on Rising Interest Rates

Investors are also unpacking a slew of economic data

Deputy Editor
Mar 18, 2021 at 12:20 PM
facebook X logo linkedin

Bond yields are on the rise once again, and the broader market is responding in turn. Investors watched closely as the 10-year Treasury yield jumped up over 1.75% to its highest level since January 2020, while the 30-year Treasury bond climbed above 2.5% for the first time since August of 2019. The Dow Jones Industrial Average (DJI) is up over 165 points midday, once again hitting a record intraday high, as bank stocks enjoy the rate spike. Predictably, the tech-heavy Nasdaq Composite (IXIC) is down triple-digits, while the S&P 500 Index (SPX) sits more modestly in the red midday.

There is some economic data to unpack as well. Initial weekly jobless claims haven't helped sentiment much, coming in at a higher-than-expected 770,000. Meanwhile, the Philadelphia Federal Reserve's manufacturing index read at 51.8, which is much higher than the expected 22 and its highest point in almost 50 years. 

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

  • How red-hot Signet Jewelers stock hit a two-year high.  
  • Peloton stock faltering despite upbeat production data.   
  • Plus, newly public UPST sees option volume surge; WSM jumps to record highs; and ZTO plummets after earnings. 

MMC 0318

One stock seeing an unusual amount of options volume today is Upstart Holdings Inc (NASDAQ:UPST). So far, 21,000 calls and 17,000 puts have crossed the tape -- 47 times what's typically seen at this point. New positions are being opened at the very popular March 100 and 135 calls, which expire tomorrow. UPST is up a whopping 82% to trade at $110.72 at last check, after the company reported an earnings beat despite lower revenue than anticipated. To follow, Jefferies raised its price target to $81 from $66. Going public in mid-December, the stock is up 205.9% in the last three months, now reaching its highest levels ever. 

One stock surging on the New York Stock Exchange (NYSE) is Williams-Sonoma, Inc. (NYSE:WSM). The stock is up 19% at $162.40 at last check, after the company reported better-than-expected fourth-quarter earnings and revenue. In response, no fewer than eight analysts raised their price targets, with the highest from Telsey Advisory Group and Wedbush, which both listed their estimates to $175. Today's pop has WSM gapping above recent pressure at the $140 level to reach a new record high. 


On the other hand, China-based ZTO Express (Cayman) Inc (NYSE:ZTO) is falling lower today, down 8.6% at $30.14 at last check. The delivery service reported slightly worse-than-expected fourth-quarter earnings per share after the close yesterday, alongside a revenue beat. Trading was halted at the open this morning, and its also worth noting that ZTO has found itself on the short-sell restricted (SSR) list. Year-over-year, the stock is up around 19%. 


Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI