Nasdaq Hits Intraday Highs as Treasury Yields Retreat

Investors are eyeing infrastructure negotiations over in Washington, D.C.

Digital Content Manager
Jun 28, 2021 at 12:15 PM
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The Dow Jones Industrial Average (DJI) is 216 points lower at midday, erasing this morning's marginal gains amid growing pressures on energy and transportation stocks. Meanwhile, the S&P 500 Index (SPX) is flat, while the tech-heavy Nasdaq Composite (IXIC) is comfortably in the black, after earlier scoring a fresh intraday record as tech giants Apple (AAPL), Amazon.com (AMZN), and Salesforce.com (CRM) all rose more than 1%.

Helping to boost Big Tech today is a retreat in the 10-year Treasury yield, which now sits at roughly 1.49%. Elsewhere, investors are keeping an eye on infrastructure negotiations over in Washington, D.C., after U.S. President Joe Biden said on Saturday he is unlikely to veto the legislation, even if it does not include a separate reconciliation bill Democrats want.

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

  • Goldman Sachs added this utility stock to its "Conviction Buy" list.
  • Bed Bath & Beyond stock notched a rare pre-earnings bull note.
  • Plus, options bulls blast CLX; QAD stock skyrockets on acquisition buzz; and study results sink CVM.

MMC Stats 628

One stock seeing an unusual amount of activity in its options pits today is Clorox Co (NYSE:CLX), last seen up 1.7% at $179.69, though a reason for today's positive price action was not immediately clear. So far, 19,000 calls have already crossed the tape, which is 27 times what is typically seen at this point. Most popular by far is the July 190 call, followed distantly by the 180 call in the same series, with new positions being opened at the former. The security has been trending lower on the chats, pressured by the descending 60-day moving average since late April, which still looms as a potential rejection region. Meanwhile, the $180 level has also kept a tight lid on shares over the past few weeks. Year-over-year, CLX has shaved 16.8%.

CLX 60 Day

At the top of the Nasdaq today is QAD Inc. (NASDAQ: QADB), last seen up 79.7% to trade at $86.25, after earlier hitting an all-time high of $86.90. The massive bull gap came after the software name announced Thoma Bravo will acquire the company for $2 billion, or $87.50 per share. The deal, which is expected to close in the fourth quarter, will also take QAD private. Prior to today's surge, shares had been trading sideways on the chart, with support coming from the 80-day moving average. Now, the security is pacing for its highest single-day percentage jump on record, which is contributing to 183.7% year-over-year lead.

Meanwhile, CEL-SCI Corporation (NYSE:CVM) is at the bottom of the New York Stock Exchange (NYSE) today. The equity is down 53.2% at $11.75 this afternoon, after Phase 3 study results for its Multikine treatment did not meet its main goal of 10% improvement in overall survival. The security hit a one-year low of $9 earlier is and eyeing its worst single-day percentage drop ever. Shares are now slipping below the once-supportive 100-day moving average, too, and have shaved 27.7% so far this month. 

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