The Nasdaq is holding on to modest gains today
The Dow Jones Industrial Average (DJI) is down 70 points midday, pulling back from Friday's record highs as investors monitor choppy oil prices and the subsequent pressure on energy stocks. The S&P 500 (SPX) is also dipping from its Friday highs and quietly in the red, while the tech-heavy Nasdaq Composite (IXIC) maintains a modest gain. Meanwhile, U.S. job openings jumped to a higher-than-expected 10.1 million in June -- a fourth-straight record monthly high. To follow, the 10-year Treasury yield rose above the 1.3% level once again, while Bitcoin (BTC) climbs to a three-month high.
Continue reading for more on today's market, including:
- Get familiar with this video game stock amid M&A buzz.
- Unpacking Tyson Foods' impressive earnings beat.
- Plus, options bears target SYY; big-time Bitcoin order boosts CAN; and AXSM plummets on FDA news.
One stock seeing a surge of options activity today is food retail stock Sysco Corp (NYSE:SYY). The company reports earnings before the open tomorrow, August 10, and ahead of the event, 1,066 calls and 9,982 puts have crossed the tape -- 13 times the intraday average. The weekly 8/13 73-strike put is the most popular, followed by the 67-strike put in the same series, with new positions being opened at the latter. SYY was last seen down 0.7% to trade at $73.43.
China-based tech stock Canaan Inc (NASDAQ:CAN) is surging today, up 15.5% to trade at $10.39 at last check. Today's positive price action comes after the company announced a customer order of 4,000 Bitcoin mining machines. However, CAN's 200-day moving average appears to be keeping a lid on gains, and the equity is still quite a ways off from its March 12 record high of $39.10.
Meanwhile, Axsome Therapeutics Inc (NASDAQ:AXSM) is at the bottom of the Nasdaq, down 41.3% to trade at $29.99. The company reported narrower-than-expected second-quarter losses per share, but what seems to be putting pressure on the stock today is the U.S. Food and Drug Administration (FDA) report that it has identified deficiencies in the company's major depressive disorder treatment, AXS-05. Following today's news, Truist Securities cut AXSM's price target to $160 from $200.