S&P 500 Nabs New Record After Upbeat Jobless Claims

The SPX is eyeing its sixth straight win

Assistant Editor
Jul 1, 2021 at 12:27 PM
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Stocks are enjoying a solid start to July, moving slightly higher as investors prepare for the second half of 2021. The Dow Jones Industrial Average (DJI) is up around 78 points at midday, following data that showed weekly jobless claims hit a new pandemic-era low. Meanwhile, the S&P 500 Index (SPX) scored a new intraday record high and is heading for its sixth straight win, while the tech-heavy Nasdaq Composite (IXIC) takes a breather from its latest resurgence.

Looking ahead, investors will be focusing on Friday's monthly jobs report, where economists expect to see 683,000 jobs added in the month of June. And even further ahead, the Dow and SPX have never ended a year with a decline when logging double-digit gains in the first half.

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

  • Blue chip drugstore chain plunges despite top-line beat.
  • Activist investor: this pharma stock needs a shakeup.
  • Plus, XPEV options pop after strong electric vehicle sales; the latest meme stock soaring on the charts; and a tumbling Wall Street newbie.

Midday Market Stats July 1

One stock seeing an unusual amount of activity in its options pits today is Xpeng Inc (NYSE:XPEV), up 4% at $46.20 at last check, after reporting record setting second-quarter electric vehicle sales. So far, 88,000 calls and 18,000 puts have crossed the tape, which is five times the intraday average. Most popular is the weekly 7/2 48-strike call, followed closely by the 47-strike call in the same series, with new positions being opened at both. This indicates options traders are expecting more upside for XPEV by the end of the week, when the contracts expire. The security is now up 8.5% in 2021, and pacing for its fifth daily double-digit percentage win in seven sessions.

Near the top of the the Nasdaq today is Marin Software Inc (NASDAQ:MRIN), last seen up 67.5% to trade at $17.97. It's been a wild ride for Marin stock, which traded under the $2 level for much of the last four months, with consistent pressure from the 100-day moving average, before a Reddit-fueled bull gap fueled a breakout on June 24. The shares earlier traded at their highest level since early 2016 and are on track for their biggest weekly percentage gain ever. Longer term, MRIN boasts a 1,162% year-over-year lead.

MRIN Chart July 1

Meanwhile, 1Stdibs.Com Inc (NASDAQ:DIBS) is towards the bottom of the Nasdaq today. The shares are down 18.6% at $28.34 this afternoon, though its unclear exactly what's driving the equity lower. The online marketplaces company went public on June 10, and has had an up-and-down go of it since, trading as high as $35.46 and as low as $20.70. Despite today's price action, DIBS is up 12% on the week.

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