Dow Tumbles as Investors Await Inflation Data, Earnings

Initial first-quarter earnings reports will start to pour in this week

Deputy Editor
Apr 12, 2021 at 12:18 PM
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Stocks are reeling today, following a record-setting Friday session that saw the Dow Jones Industrial Average (DJI) log a new all-time high close. The blue-chip index is off 66 points at last check, dragged lower as investors cycle out of reopening plays. Meanwhile, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are both modestly lower as investors gear up for the beginning of the first-quarter earnings season and look ahead to a slew of highly anticipated inflation data and Federal Reserve speeches out this week. 

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

  • Alibaba stock brushes off a massive anti-monopoly fine.
  • Now might be a good time to consider this furniture stock.
  • Plus, bulls bombard Up Fintech stock; IKNA bounces back; and one plummeting digital health stock.

Midday Market Stats April 12

One stock seeing ample call activity today is Up Fintech Holding Ltd (NYSE:TIGR), though it's not entirely clear what's driving bulls to the brokerage stock. So far, 46,000 calls have crossed the tape, which is six times what is typically seen at this point. The April 22.50 call is by far the most popular, with new positions being opened there. At last check, TIGR is down 0.4% at $19.88, erasing its earlier gains. The equity is still set to close above its 20-day moving average for the third-straight session, though the 60-day trendline continues to loom overhead. Year-over-year, Up Fintech stock boasts an incredible 674% lead.

TIGR Chart April 12

Standing at the top of the Nasdaq today is Ikena Oncology Inc (NASDAQ:IKNA), last seen up 9.1% at $17.67. The equity went public on March 26, jumping up to $37.61, before steadily working its way lower on the charts. The security hit its lowest level at $15.75 during Friday's session, and now looks ready to rebound back on the charts. 

Sitting at the bottom of the Nasdaq, meanwhile, is Irhythm Technologies Inc (NASDAQ:IRTC), down 38% at $82.28 at last check, after Novitas published Medicare reimbursement rates for its electrocardiogram (ECG) monitoring devices. The security fell past $120 -- a floor on the charts since August -- to notch its lowest level in nearly a year. Now hovering just above its year-over-year breakeven, Irhythm stock has shed 64.3% in 2021.

 

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