Dow, S&P 500 Nab Fresh Highs as April Rally Continues

Meanwhile, Treasury Secretary Yellen was set to push for a global minimum tax

Assistant Editor
Apr 5, 2021 at 12:30 PM
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The major indexes are starting the first full week of April off on the right foot, as investors react positively to strong U.S. job growth in March, and the pace of the vaccine rollout continues to speed up. The Dow Jones Industrial Average (DJI) is up more than 400 points at midday, after earlier notching a brand new high. The S&P 500 Index (SPX) hit a fresh record as well, while the tech-heavy Nasdaq Composite (IXIC) is firmly in the black.

Elsewhere, Treasury Secretary Janet Yellen addressed the Chicago Council on Global Affairs this morning, where she was set to push for a global minimum tax. The move could keep corporations from relocating to other countries to find lower rates, as U.S. President Joe Biden looks to raise the corporate tax rate to finance part of his infrastructure plan.

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

  • Raymond James upgrade sends airline stock soaring.
  • Planet Fitness stock pops on expansion plans.
  • Plus, bears blast ServiceNow stock after partner acquisition; X-ray specialist soars on safety clearance; and why MTEM is struggling today.

Midday Market Stats April 5

One stock seeing a surge in bearish activity today is ServiceNow Inc (NYSE:NOW). So far, 4,520 puts have crossed the tape, which is three times what is typically seen at this point, and nearly four times the number of calls exchanged. The April 470 put is by far the most popular, with new positions being opened there. At last check, NOW was up 1.1% to trade at $512.70, after GlideFast Consulting acquired CloudPires and became the largest ServiceNow partner. Despite today's bearish options activity, things are still looking bright for the equity, as it is now on its way to score a a four-day win streak, as well as its second consecutive close above the 30-day moving average. Year-over-year, ServiceNow stock is up a whopping 104.5%.

NOW Chart April 5

One of the top performers on the Nasdaq so far today is X-ray imaging specialist Nano-X Imaging Ltd (NASDAQ:NNOX). The stock was last seen up 23.1% at $50.86, after the company received 510(k) clearance from the Federal Drug Administration (FDA) for its single-source Nanox.ARC digital X-ray technology. In response, the security is trading back above its 80-day moving average for the first time since late February. Plus, NNOX broke above the $63 level earlier, which had been an area of resistance on the charts. Year-to-date, Nano-X Imaging stock sports a 10.7% lead.

Molecular Templates Inc (NASDAQ:MTEM) is the worst performer on the Nasdaq today, down 24.8% to trade at $9.35 at last check. The negative price action comes after the company announced it will focus on the development of next-generation engineered toxin bodies (ETB) and assume full rights of TAK-169, which is a second-generation ETB for treatment of multiple myeloma. The equity is trading just below its 2021 breakeven, and is firmly below the 100-day moving average. Longer term, MTEM is down roughly 25% year-over-year.

Trader: Sell These 8 Stocks in 2021

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