Stocks Extend Rebound, Dow Up Triple Digits

Stocks linked to cryptocurrency are gaining steam

Digital Content Manager
May 24, 2021 at 11:59 AM
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Stocks are extending this morning's rebound, looking to finish the last week of a tumultuous May on a high note. The Dow Jones Industrial Average (DJI) is 220 points higher midday and heading toward its third-straight win, bolstered by strength in stocks tied to the economic reopening. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are following suit, with the tech-heavy latter bouncing back from Friday's drop. Much of this optimism is tied to an update from Johns Hopkins University, pointing to rapidly dropping Covid-19 cases, which just hit their lowest level since June. 

In the crypto world, meanwhile, things are looking up. Bitcoin (BTC) is attempting to shake off a rocky weekend of trading, clawing back above the $38,000 mark on Monday. Crypto exchange darling Coinbase (COIN) is also on the upswing, strengthened by BTC's bounce and a bull note from Goldman Sachs. Crypto-linked Tesla (TSLA) looks to be on the rise as well. 

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

  • Billion-dollar merger buzz is sinking Cabot Oil & Gas stock. 
  • Dollar General stock hit with a scathing bear note.
  • Plus, option traders eye floor for ServiceNow stock; SCPS doubles on FDA approval; a biotech stock eyes its worst day on record. 

midday market stats may 24

ServiceNow Inc (NYSE:NOW) is seeing a surge in bearish options volume today. The software concern took a 9.4% tumble after its late-April earnings report, ceding its 10-day moving average in the process. Last week NOW reclaimed this trendline --which has alternated between support and resistance all year -- thanks to a bounce of its 320-day moving average. Though it's still looking at a 13% year-to-date deficit, ServiceNow stock is up 2% at $478.82 today.

At last check, over 4,000 puts have crossed the tape so far, almost four time the number of calls exchanged and double the average intraday volume. The June 420 put is the most popular by far, with positions being sold to open here. This suggests these traders are expecting the $420 level to hold as a floor for the underlying stock until these contracts expire on Friday, June 18. 

NOW Chart May 24

Scorpius Biopharma Inc (NASDAQ:SCPS) is by far the top performing stock on the Nasdaq. SCPS was last seen up 186.9% at $17.10 on news that the U.S. Food and Drug Administration (FDA) approved its lead immuno-oncology RNA therapy, used to treat multiple cancers. The equity is trading at its highest level since January, though its still down nearly 5%  for the year.  

NGM Biopharmaceuticals Inc (NASDAQ:NGM), on the other hand, is one of the worst performers on the Nasdaq today. The security is down 34.9% at $18.55 after its phase 2b trial of aldafermin -- used to treat liver disease non-alcoholic steatohepatitis -- failed to meet its primary goal. The company said the study will not go on to its phase 3 clinical development stage. NGM is sitting at its lowest level since November 2020, and is pacing for its worst daily drop on record. 



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