Big Tech is propping up the Nasdaq today
A surprise jump in jobless claims is weighing on investor sentiment midday. The Dow Jones Industrial Average (DJI) is down 34 points, while the S&P 500 Index (SPX) is trading near breakeven. Meanwhile, the Nasdaq Composite (IXIC) is slightly higher and on track for its third-straight win, with Big Tech names such as Amazon.com (AMZN) and Microsoft (MSFT) pulling their weight. Elsewhere, investors are monitoring the 10-year Treasury yield, which was last seen at 1.24%, but off the lows it grazed earlier in the week.
Continue reading for more on today's market, including:
- Senior Market Strategist Chris Prybal dives into a winning chip stock trade.
- Celebrate Schaeffer's 40th anniversary with these four stock picks.
- Plus, TXN calls running hot after earnings; WISA launches Amazon storefront; and Seres Therapeutics stock sinks on unsuccessful study.
One stock seeing an unusual amount of options activity today is Texas Instruments Incorporated (NASDAQ:TXN), down 5.2% at $184.08 at last check, despite the semiconductor company's better-than-expected second-quarter earnings report. A lukewarm third-quarter forecast, which indicated slower revenue growth, could be hurting the stock. The equity also received a downgrade from Summit Insights to "hold," while four analysts raised their price targets, including Rosenblatt Securities and Raymond James to $230 from $220. So far, 15,000 calls and 16,000 puts have crossed the tape, or six times what is seen at this point. Most popular is the expiring 7/23 180-strike put, followed by the 182.50-strike put in the same series, with new positions being opened at both.
One of the best stocks on the Nasdaq today is Summit Wireless Technologies Inc (NASDAQ:WISA), last seen up 41.5% at $5.76, after the company announced the launch of a branded Amazon.com (AMZN) storefront. WISA is experiencing some of the largest trading volume on Wall Street today, and is now up 54% in 2021.
Meanwhile, Seres Therapeutics Inc (NASDAQ:MCRB) is at the bottom of the Nasdaq, down 57.4% at $8.88 this afternoon. Today's drop came after the company announced its potential treatment for ulcerative colitis (UC) did not meet goal of improving clinical remission rates in comparison to a placebo. MCRB is trading at its lowest point since an Aug. 11 bull gap.