S&P 500 Notches Record High, Big Tech Rally Gains Steam

Weekly jobless claims came in higher-than-expected

Deputy Editor
Apr 8, 2021 at 12:13 PM
facebook twitter linkedin

Stocks remain mixed this afternoon, despite the Federal Open Market Committee's (FOMC) upbeat meeting minutes, which reinforced a strong commitment to economic recovery. The Dow Jones Industrial Average (DJI) is just below breakeven, while the S&P 500 Index (SPX) is slightly higher, after earlier scoring another fresh record high. Meanwhile, the Nasdaq Composite (IXIC) sports a triple-digit lead, as tech names mount a comeback. Elsewhere, traders are digesting higher-than-expected weekly jobless claims.

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

  • WW International stock cooled off after a downgrade. 
  • Food stock brushes off demand-driven revenue beat
  • Plus, SNOW calls red-hot amid rally; AVCT gets buyout offer boost; and Apogee Enterprises stock brushes off quarterly win.

Midday Market Stats April 8

One stock being bombarded with calls today is Snowflake Inc (NYSE:SNOW). So far, 41,000 calls have crossed the tape, which is twice what's typically seen at this point, and more than eight times the number of puts traded. The weekly 4/9 245-strike call is the most popular contract by far, with new positions being opened. At last check, SNOW is up 1.7% at $237.90, though its unclear what's boosting the data cloud company. On the charts, Snowflake stock has been recovering since dropping to a March 25, all-time low of $205.31. The 20-day moving average is now helping shares higher, as they look to conquer the descending 40-day moving average. Year-to-date, SNOW is down 15.7%.

SNOW Chart April 8

Standing at the top of the Nasdaq today is American Virtual Cloud Technologies Inc (NASDAQ:AVCT), last seen up 20.1% at $6.98, after the tech concern reportedly received an unsolicited acquisition offer of $9 per share -- a roughly 55% premium to yesterday's close. The company's board has yet to provide a timetable for the decision process. The news boosted the security around 5% above its year-to-date breakeven, with today's bear gap placing the security above the formerly resistant 80-day moving average. Longer term, AVCT sports a 241% year-over-year lead.

One stock sitting near the bottom of the Nasdaq today is Apogee Enterprises Inc (NASDAQ:APOG), down 10.6% at $35.27 at last check, despite the company's better-than-expected fourth-quarter earnings report. However, Apogee's revenue came in well below Wall Street's estimates. If this negative price action continues, it could mark the security's fourth-straight loss, as shares slip below the previously supportive 70-day moving average. Though APOG has shed 11.5% this quarter, it still boasts a 100.9% year-over-year rise.


Minimize Risk While Maximizing Profits

There is no options strategy like this one, which consistently minimizes risk while maintaining maximum profits. Perfect for traders looking for ways to control risk, reduce losses, and increase the likelihood of success when trading calls and puts. The Schaeffer’s team has over 41 years of options trading success targeting +100% gains on every trade. Rest assured your losses are effectively limited to your initial cost at the time of making your move! Don't waste another second... join us right now before the next trade is released! 


300x250 - Banner 3 - v1