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

Weekly jobless claims came in higher-than-expected

Assistant Editor
Apr 8, 2021 at 12:13 PM
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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.

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