S&P 500 Pacing for Record Close as Wall Street's Fears Subside

The 10-year Treasury yield is rising today

Digital Content Manager
Jul 23, 2021 at 12:19 PM
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The major indexes are attempting to extend their gains for a fourth-straight session, as Wall Street continues to set Covid-19 variant and economic growth fears aside. The Dow Jones Industrial Average (DJI) is up over 200 points this afternoon, while the S&P 500 Index (SPX) scored a fresh intraday high and is now pacing for a record close. The tech-heavy Nasdaq Composite (IXIC) is also firmly in the black, with social media powerhouses leading the charge. For the week, the three benchmarks are eyeing solid wins, as the 10-year Treasury yield continues to rise.

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

  • The social media giant skyrocketing on blowout earnings.
  • Record-breaking quarterly report pushes Skechers stock higher.
  • Plus, options traders blast EDU; New Home stock surges on buyout buzz; and NVLY sinks on stock offering pricing.

MMC Stats 723 NEW

One stock getting blasted in the options pits today is New Oriental Education & Tech Grp (NYSE: EDU), last seen down 58.2% at $2.68, after news broke that China is now considering making companies that offer tutoring services on school curriculum go non-profit. So far, 144,000 calls and 17,000 puts have crossed the tape, which is nine times the average intraday amount. Most popular is the August 5 call, followed by the October 7.50 call, with new positions currently being opened at the former. Today's dip has EDU well into penny stock territory, though shares have been plummeting on the charts since May, guided lower by the descending 20-day moving average. The equity is now trading at its lowest level in roughly six years, and has shed 83.3% over the past nine months.

EDU 20 Day

One of the best stocks on the New York Stock Exchange (NYSE) today is New Home Company Inc (NYSE:NWHM), up 82.9% at $8.89 at last check. The homebuilder will be acquired by funds managed by Apollo Global Management in an all-cash deal for $9 per share, which is an 85.1% to premium to it last close. The deal will take the company private, and values it at roughly $338 million. Earlier today, shares hit a nearly three-year high of $8.94, blowing past overhead pressure at the 40-day moving average, which had been keeping a tight lid on the security since June. Year-over-year, NWHM sports a 103.% lead.

Meanwhile, Nova Lifestyle Inc (NASDAQ: NVFY) is towards the bottom of the Nasdaq, down 28.7% at $2.49 this afternoon. This major bear gap came after the company priced the registered direct stock offering of 1.1 million shares of its common stock at $2.80 per share, adding the $3.1 million in net proceeds will be used for working capital, as well as general corporate purposes. The security is now trading at its lowest level since March, slipping back below the supportive 40-day moving average, which has contained multiple pullbacks. Over the last six months, NVFY has shed 26.3%.
 

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