Dow, S&P 500 Eye Four Straight as Tech Bruises Nasdaq

Reopening optimism is keeping up some market momentum

Digital Content Manager
Jun 1, 2021 at 12:11 PM
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The stock market is a mixed bag on the first day of June. The Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) are starting the new month strong, with the former up roughly 141 points and the latter coming within a chip shot of its all-time high. While the Dow and S&P 500 chase four-day win streaks, the Nasdaq Composite (IXIC) has turned lower, as weakness in the tech sector overshadows the lifting of mask mandates and a further decline in Covid-19 cases. Elsewhere, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), is eyeing its biggest one-day pop in two weeks.   

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

  • Memorial day brought people to the movies, and one stock is enjoying the halo lift.
  • What's next for Moderna's Covid-19 vaccine
  • Plus, option bulls eye more upside for OXY; OEG jumps on big construction deal; and Immunovant chief medical officer steps down.

midday market stats june 1

Occidental Petroleum Corporation (NYSE:OXY) is seeing a surge in options activity today. At last check, over 86,000 calls and 14,000 puts have exchanged hands thus far, quadruple the intraday amount. Most popular is the weekly 6/4 30-strike call, followed by the 6/11 30-strike call, with positions being bought to open at both. OXY is up 9.2% at $28.33 this afternoon, set for its highest close in over two months. While no particular piece of news looks to be driving the price action, energy stocks are seeing a surge today. 

One of the best stocks on the Nasdaq today is Orbital Energy Group Inc (NASDAQ:OEG). The equity was last seen up 67.9% to trade at $5.96, after the company won a 700-mile engineering construction project in central Mississippi. The jump has OEG clearing its 30-day moving average, which has pressured the equity since late February. OEG is up 173.5% this year. 

OEG chart Jun 1

One of the worst performers on the Nasdaq, meanwhile, is Immunovant Inc (NASDAQ:IMVT). the equity is down 27.5% at $10.99, weighed down by the departure of its chief medical officer. The company also posted a steeper-than-expected fiscal fourth-quarter loss, while revenue fell in line with expectations. IMVT is off 76.2% year-to-date, and earlier hit a one-year low of $10.15. 

 

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