Dow, S&P 500 Surge to Record Levels

Investors brushed off disappointing economic data

Deputy Editor
Jul 29, 2021 at 11:55 AM
facebook twitter 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.
 

Minimize Risk While Maximizing Profits

There is no options strategy like this one, which consistently minimizes risk while maintaining maximum profits. Perfect for traders looking for ways to control risk, reduce losses, and increase the likelihood of success when trading calls and puts. The Schaeffer’s team has over 41 years of options trading success targeting +100% gains on every trade. Rest assured your losses are effectively limited to your initial cost at the time of making your move! Don't waste another second... join us right now before the next trade is released! 

 


 


 
Special Offers from Schaeffer's Trading Partners