Dow Logs Triple-Digit Lead as Reopening Stocks Pop

Investors are still digesting mixed manufacturing data

Assistant Editor
May 3, 2021 at 12:18 PM
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Stocks are mostly higher at midday, with names tied to the reopening economy leading the charge. The Dow Jones Industrial Average (DJI) was last seen up over 338 points. Meanwhile, the S&P 500 Index (SPX) is slightly higher, and boasts an 11% year-to-date lead. The tech-heavy Nasdaq Composite (IXIC), on the other hand, has slipped into the red. In terms of economic indicators, IHS Markit data showed manufacturing activity in the U.S. grew at a record speed in April. However, an Institute for Supply Management (ISM) report indicated manufacturing activity has slowed down.

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

  • This electric vehicle maker popped after an upgrade.
  • Tilray stock dipped after completing a merger with Aphria.
  • Plus, GAP options pop; one supply chain tech stock flying up the charts; and more on EH's plunge.

Midday Market Stats May 3

One stock seeing an unusual amount of options activity today is Gap Inc (NYSE:GPS), So far, 20,000 calls and 14,000 puts have exchanged hands, which is four times what is typically seen at this point. The two most popular options are the weekly 5/7 35-strike put and call, with new positions opening at both. The comes after the equity earlier rose to a three-year high of $36.13, though shares were last seen up 8.1% to trade at $35.77. The 40-day moving average has provided plenty of support over the last three months, and managed to catch multiple pullbacks along the way. Year-over-year, Gap stock is up 362.7%.

GPS Chart May 3

Standing near the top of the Nasdaq today is Nisun Internatnal Entpre Dev Grp Co Ltd (NASDAQ:NISN), last seen up 14.5% at $17.18, after the company released its fiscal 2020 financial results. The tech name saw its revenue rise significantly due to an increase in demand for Small-and Medium-Enterprise (SME) finance solutions. Though it is still facing pressure from the $18.50 level, NISN is poised to close above the 180-day moving average for the first time in nearly a month. Year-over-year, Nisun stock is up 79.9%.

At the bottom of the Nasdaq today is EHang Holdings Ltd - ADR (NASDAQ:EH), last seen down 11.8% to trade at $24.60, though it's unclear what's tanking the autonomous aerial vehicle company. Things were looking up for the equity just a few months back, when it logged a Feb. 12 all-time high of $129.80. Shares  quickly tumbled, however, and the security is now slipping below the 10-day moving average once again. Still, EH is up 18.6% in 2021.

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