Dow Jumps Triple-Digits on Jobs Data, Recovery Optimism

Wall Street is unpacking Senate Republicans' infrastructure counteroffer

Digital Content Manager
May 27, 2021 at 12:15 PM
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The Dow Jones Industrial Average (DJI) is adding to this morning's gains, last seen up 103 points as better-than-expected initial jobless claims data boosts market sentiment and sends cyclical stocks skyward. Boeing (BA), in particular, is propping up the blue-chip index, with hopes for a smooth economic recovery front-and-center. Elsewhere, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are modestly higher as well, though the tech-heavy latter lags behind reopening plays. 

The semiconductor sector is in focus, with sector stalwart Nvidia (NVDA) pulling back after its quarterly report. Elsewhere, Senate Republicans just revealed their $928 billion infrastructure counteroffer after rejecting President Joe Biden's $1.7 trillion proposal. Treasury Secretary Janet Yellen, meanwhile, is calling for ramped-up government spending, citing stagnation in inflation-adjusted spending by congressional leaders. 

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

  • Williams-Sonoma stock could be primed for more bullish analyst attention. 
  • This discount retailer's earnings beat is whipping options traders into a frenzy. 
  • Plus, puts pop for TTCF; VTNR buys Shell's Alabama refinery; and OCFT rejected by key trendline. 

midday market stats may 27

Plant-based food concern Tattooed Chef Inc (NASDAQ:TTCF) is seeing an uptick in options activity today, specifically on the bearish side of the aisle. So far, over 5,600 puts have been exchanged -- nine times the intraday average -- compared to 2,777 calls. Most popular is the June 15 put, where new positions are being sold to open, followed by the 17.50-strike put in the same series. TTCF was last seen down 2.7% at $21.71. The stock has seen a dramatic upswing this month, bouncing off the $16 mark and yesterday hitting a three-month high of $23.27 during yesterday's session. 

Vertex Energy Inc (NASDAQ:VTNR) is one of the top performing stocks on the Nasdaq today.  The equity has more than doubled in value, last seen trading up 146.7% at $4.39 on news that the firm will acquire Royal Dutch Shell's (RDS) 90,000 barrel-a-day refinery located in Mobile, Alabama in a deal worth $75 million. The stock earlier today hit a six-year high, but VTNR has been trading mostly sideways lately, with the 120-day moving average capturing its two latest pullbacks. Year-over-year, the security is up 550%. 

OneConnect Financial Tech Co Ltd (NYSE:OCFT), on the other hand, is one of the worst performing stocks today, off 17.6% at $15.37 at last check. Though the reasons for this plummet are unclear, the equity is set for its biggest one-day drop since mid-January, gapping lower after being rejected by its 200-day moving average during yesterday's trading. 

OCFT chart may 27



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