S&P 500 Nabs Intraday Record Despite Disappointing Inflation Data

Jobless claims were higher than anticipated, but still marked a pandemic low

Digital Content Manager
Jun 10, 2021 at 12:18 PM
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The major indexes are brushing off shaky inflation and jobless data this afternoon, with consumer prices growing at their fastest pace since the summer of 2008, while jobless claims came in above analysts' expectations, though the reading marked another pandemic low. The Dow Jones Industrial Average (DJI) sports an 89-point lead at midday, while the S&P 500 Index (SPX) is slightly above breakeven, after finally notching an intraday high earlier in the session. The Nasdaq Composite (IXIC) is slightly higher as well, regardless of rising bond yields.

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

  • Moderna looks to expand emergency use of its Covid-19 vaccine to teens.
  • Why Goldman Sachs added ServiceNow stock to its "Conviction Buy" list.
  • Plus, options bulls blast IVR; Medley Management stock surges on social media buzz; and AEMD plummets on discounted direct offering.

MMC Stats 0610

One stock seeing an unusual amount of options activity today is Invesco Mortgage Capital Inc (NYSE:IVR), last seen up 8.9% at $4.52. The security yesterday drew the attention of retail traders on social media, with some indicating it could be a good short squeeze candidate, as short interest accounts for 13.1% of the security's available float. Drilling down to today's options activity, 115,000 calls have been exchanged, which is 13 times the intraday average. Most popular is the weekly 6/11 4.50-srike call, followed by the June 4.50 call, with buyers of the former expecting more upside for IVR by the time these contracts expire tomorrow. Invesco Mortgage Capital stock is now trading at its highest level since January..

Near the top of the New York Stock Exchange (NYSE) today is Medley Management Inc (NYSE:MDLY). The equity is up 75.6% to trade at $10.27 at last check, after it too became the focus of online traders. Specifically, the stock is the fourth most discussed on social media platform Stockwits, and has scored record daily trading volumes. The equity has been extremely volatile over the past year, pulling back from a Jan. 27 peak of $17 all the way down to the $4.40 level in April. MDLY is now making its way back toward its January levels once again, and has added roughly 125% in June already.

MDLY MMC

Meanwhile, towards the bottom of the Nasdaq today is Aethlon Medical, Inc. (NASDAQ:AEMD).The security is down 26.8% at $7.90, and is the biggest percentage loser across U.S. exchanges. This negative price action came after the company entered a  deal with a single institutional investor to purchase 1.38 million shares of its common stock for $9 per share. Shares yesterday surged to a two-year high of $12.49, with newfound support at the 20-day moving average. In the last nine months, AEMD had added a whopping 507.4%.

 

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