S&P 500 Crosses Major Milestone on Infrastructure Buzz

The markets will be closed tomorrow in observance of Good Friday

Assistant Editor
Apr 1, 2021 at 12:12 PM
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The major benchmarks are higher at midday, looking to close out the holiday-shortened week with a win. The S&P 500 Index (SPX) reached a major milestone, moving past the 4,000 level for the first time ever, as investors reacted to the unveiling of U.S. President Joe Biden's $2 trillion infrastructure plan. Meanwhile, the Nasdaq Composite (IXIC) and Dow Jones Industrial Average (DJI) are boasting triple-digit leads this afternoon. 

Elsewhere, investors are shaking off higher-than-expected weekly jobless claims, and are instead looking ahead to tomorrow's March jobs report -- though the markets will be closed in observance of Good Friday. According to economists, 630,000 jobs are expected to have been added in March, with a small drop in the unemployment rate to boot. 

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

  • CarMax stock cools off despite acquisition news.
  • TSM jumps higher on proposed chip-shortage solution.
  • Plus, FNKO options pop on acquisition; a travel stock soaring on the charts; and DISCB plummets following meteoric rise.

Midday Market Stats April 1

One stock seeing a surge in options activity today is Funko Inc (NYSE:FNKO). So far, 22,000 calls and 4,091 puts have crossed the tape -- five times what is typically seen at this point. The April 25 call is the most popular, followed by the 30 call from the same monthly series, with new positions being opened at both. At last check, FNKO was up 13.9% to trade at $22.41, after the toy and collectibles company acquired a majority stake in TokenWave. On the charts, the equity notched a roughly two-year high of $25.07 earlier today, while pullbacks in February and March were captured by long-term support at the 60-day moving average. Year-over-year, Funko stock is up a staggering 480.7%.

FNKO Chart April 1

The top performer on the Nasdaq so far today is travel specialist Liberty Tripadvisor Holdings Inc (NASDAQ:LTRPB). The stock was last seen up 98.1% at $73.29, a few days after the completing the repurchase of 39% of the outstanding series A preferred stock from Certares, for a total of $344 million. The security found resistance at the $60 level yesterday, but shot past it today to trade at an annual high of $110. Plus, the stock is once again set to close above the 200-day moving average, after trading below the trendline for a little over a month. Year-to-date, the LTRPB sports a 154.8% lead.

Meanwhile, Discovery Inc Series B (NASDAQ:DISCB) is one of the worst performers on the Nasdaq, down 16.1% to trade at $107.42 at last check. The usually quiet stock has already changed hands over 600,000 times today, with this negative price action coming just one day after the equity hit an all-time high of $150.72. Despite today's wild fall, the security is still currently higher than any other time prior to yesterday's meteoric rise. Year-to-date, DISCB is still up 233.3%. 

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