S&P 500 Hits 4th-Straight Intraday High as Home Prices Surge

Home prices showed a 14.6% increase for April when compared to a year ago

Digital Content Manager
Jun 29, 2021 at 12:19 PM
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The major benchmarks are higher this afternoon, after a mixed start to today's session. The Dow Jones Industrial Average (DJI) is 104 points higher at midday, while the tech-heavy Nasdaq Composite (IXIC) hit its second-consecutive intraday high earlier in the session before falling flat by midday. Meanwhile, the S&P 500 Index (SPX) is firmly in the black, after earlier notching its fourth-straight intraday peak.

Financial stocks are giving markets a boost today, amid a slew of freshly announced dividend hikes from bank names such as Goldman Sachs (GS) and JP Morgan Chase (JPM).  Investors are also eyeing data from the S&P CoreLogic Case-Shiller National Home Price Index showing a 14.6% increase in home prices for April when compared to a year ago. The reading sent several homebuilding stocks, including Lennar (LEN) and PulteGroup (PHM), surging as well. 

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

  • Social media giant hits $1 trillion market cap for the first time.
  • Why Goldman Sachs identified General Electric stock as a "top idea."
  • Plus, options traders blast BSQR; CERE surges on successful clinical trial; public offering price dampens Better Choice stock.

MMC Stats 629

One stock seeing an unusual amount of activity in its options pits today is BSQUARE Corporation (NASDAQ:BSQR), last seen up 57.6% at $4.13, amid overall strength in the healthcare and technology sectors today. So far, 17,000 calls and 5,970 puts have already crossed the tape, which is 72 times the intraday average. Most popular by far is the July 5 call, followed by the 7.50 call in the same series, with new positions currently being opened at both. Today's pop has the equity trading at its highest level since March, and has placed shares firmly above the 60-day moving, which emerged a ceiling for the security in late-March. Meanwhile, BSQUARE stock has added 228.5% in the past nine months.

One of the best stocks on the Nasdaq today is Cerevel Therapeutics Holdings Inc (NASDAQ:CERE), last seen up 90.9% to trade at $24, after earlier reaching an all-time high of $25.25. The company reported this morning that an early stage clinical trial of its drug candidate to treat adult patients with schizophrenia had positive results, with higher once-daily doses, as well as lower twice-daily doses demonstrating clinically meaningful antipsychotic activity. The company has now almost doubled off its initial public offering (IPO) price of $13, and is pacing for its highest single-day percentage jump since first going public in August 2020. In the last nine months, CERE has added 137.9%. 

Meanwhile, Better Choice Company Inc (NYSE:BTTR) is at the bottom of the New York Stock Exchange (NYSE) today. The equity is down 33.1% at $4.94 this afternoon, after it priced the underwritten public offering of 8 million shares of its common stock at $5 per share. The company will use the net proceeds for general corporate purposes, as well as acquisition of complimentary technologies, products, or businesses. Shares have now dropped to their lowest trading level since November, and have lost the support of the 200-day moving average, which has acted as a floor since December 2020. Quarter-to-date, BTTR has shaved 43.3%.

BTTR 200 Day


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