MMR

Dow, S&P 500 Surge to Record Levels

Investors brushed off disappointing economic data

Deputy Editor
Jul 29, 2021 at 11:55 AM
facebook X logo linkedin


The major benchmarks brushed off disappointing economic data -- including worse-than-expected second-quarter gross domestic product (GDP) -- to nab record levels this afternoon. The Dow Jones Industrial Average (DJI) is in the midst of a triple-digit pop, rising over 178 points to a new intraday record high, while the S&P 500 Index (SPX) also locked in record peak of its own. Meanwhile, the Nasdaq Composite (IXIC) is more muted at midday, though remains a chip-shot from record close ahead of Amazon.com 's (AMZN) earnings report.

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

  • PayPal stock dinged by dismal outlook, revenue miss.
  • Record highs for Comcast stock following earnings.
  • Plus, bulls blast Zoom stock after upgrade; LendingClub reports surprise Q2 profit; Citrix Systems misses revenue forecasts.

Midday Market Stats July 29

Call traders are bombarding Zoom Video Communications Inc (NASDAQ:ZM) today, which was last seen 4% higher to trade at $384.10 after an upgrade to "overweight" from Keybanc. So far, 98,000 calls have crossed the tape -- eight times the intraday amount -- alongside 18,000 puts. The most popular contract by far is the weekly 7/30 40-strike call, followed by the 380-strike call from the same series, with new positions being opened at both. Though a far cry from its Oct. 19, all-time high of $588.84, Zoom Video stock still remains up 53% year-over-year. In addition, the 100-day moving average, which put pressure on the shares in March, caught a slight pullback earlier in the month. 

ZM Chart July 29

The best performing stock on the New York Stock Exchange (NYSE) today is LendingClub Corp (NYSE:LC). The security was last seen up 44.4% to trade at $23.52, after a surprising second-quarter profit to pair with revenue that quintupled year-over-year. LendingClub stock earlier hit the $24 mark, a ceiling that's put pressure on the shares since a 2017 bear gap pushed the security below that level. Year-to-date, LC is up 124.1%.

Meanwhile, Citrix Systems, Inc. (NASDAQ:CTXS) is towards the bottom of the Nasdaq, last seen down 15.3% at $97.04, after the tech company's second-quart revenue missed forecasts. The bear gap has the security trading at its lowest level since October 2019. CTXS now sports a 30.7% year-over-year deficit.
 

AI has exploded ever since ChatGPT set the world on fire near the end of 2022.

Numerous companies with connections to artificial intelligence have seen their stocks soar.

That includes Nvidia, the poster boy of AI.

Its stock has skyrocketed 716% since ChatGPT’s debut. But here’s the thing …

While everyone’s still counting their money from this first AI boom … Nvidia and countless others have moved on to the next stage.

That includes Big Tech, which is currently making a series of peculiar investments in a few strange companies. This has nothing to do with tech. At least on the surface …

Yet, these strange investments could be the early ripples of a massive wave …Without them, ChatGPT could stop operating … Amazon, Google, Microsoft and more could see profits drop drastically.

In fact, Elon Musk says these investments are critical when it comes to solving the number one problem facing AI.

Now, Silicon Valley legend Michael Robinson has identified two companies that could play a significant role in the solution.

Their stocks just may be the key to AI 2.0.

Find out more about these two companies today.
 (ad)