Benchmarks Mixed as Slew of Economic Data Rolls In

Investors have plenty of economic data to unpack this afternoon

Assistant Editor
Aug 3, 2021 at 12:10 PM
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Stocks are mixed at midday, as investors eye delta variant Covid-19 trends, as well as the stabilizing 10-year Treasury yield, which was still below 1.2% at last check. The Dow Jones Industrial Average (DJI) is up over 196 points this afternoon, while the S&P 500 Index (SPX) is sporting solid gains, and the Nasdaq Composite (IXIC) sits firmly in the red. In other news, household debt increased 2.1%, or $313 billion, in the second quarter -- its fastest growth since 2007. Meanwhile, despite the general supply shortage, U.S. factory orders jumped 1.5% in June, while nondurable goods rose 2.1%. 

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

  • BP stock pops after announcing dividend hike
  • Behind this video game stock's rapid drop. 
  • Plus, options bulls eye NVDA; TA jumps on blowout earnings; and downgrade sinks Clear Secure stock.

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One stock seeing a surge of options activity today is NVIDIA Corp (NASDAQ:NVDA), after J.P. Morgan Securities and BofA Global Research raised their price targets to $215 and $250, respectively, with the former citing the company's growth prospects and ability to work through a supply-constrained environment. Thus far, 289,000 calls and 112,000 puts have crossed the tape, which double the average intraday amount. Most popular is the weekly 8/6 200-strike call, where new positions are being opened. While the equity was last seen down 1.5% at $194.64, support remains at the 40-day moving average.

NVDA mmc

Travelcenters of America Inc (NASDAQ:TA) is one of the best-performing stocks on the Nasdaq today. The company reported second-quarter earnings of $2.08 per share, which is much higher than the expected 26 cents per share, as well as a revenue beat. According to CEO Jonathan Pertchik, these strong results can be attributed to a $60.5 million increase in non-fuel gross margin. At last check, TA was up 20% to trade at a four-year high of $35.41, while also boasting a 149.1% year-over-year lead.

Meanwhile, one of the worst stocks on the New York Stock Exchange (NYSE) is Clear Secure Inc (NYSE:YOU). The newly traded software company is down 15.6% to trade at $52.40, after a downgrade from J.P. Morgan Securities to "neutral" from "overweight" with a $52 price target. Just yesterday, Clear You stock hit an all-time high of $62.51.

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