Dow, S&P 500 Pacing for 4th-Straight Record Close

The Nasdaq underperformed this week

Digital Content Manager
Aug 13, 2021 at 12:14 PM
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The Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) managed to nab their fourth-consecutive intraday highs earlier in the session. Both are eyeing a fourth-consecutive record close, and solid weekly wins to boot. The blue-chip index was last seen up 20 points, while the S&P 500 remains in the black. The Nasdaq Composite (IXIC) is also sporting modest gains, though its pacing for a loss for the week.

A strong earnings report from Disney (DIS) is helping to keep markets afloat, though an August sentiment report from the University of Michigan is casting a shadow over Wall Street. The month's sentiment reading came in at 70.2 -- marking its weakest level since December 2011 -- reminding investors that inflation, as well as a surge in Covid-19 cases, still loom large. 

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

  • What slowed DoorDash stock's run higher. 
  • Airbnb's post-earnings pandemic warning spooked traders. 
  • Plus, SESN on track for FDA decision; SPRT nabs 10-year high; and DUOT plummets after quarterly results.

mmc stats aug 13

Sesen Bio Inc (NASDAQ:SESN) is seeing a surge in options activity today, with 22,000 calls and 7,438 puts across the tape so far, or seven times the intraday average. The most popular contract is the weekly 8/20 6-strike call, followed by the 5-strike call in the same series. Sesen Bio stock was last seen up 19.6% at $5.87, after it said it is still on track to receive approval from the U.S. Food and Drug Administration's (FDA) for the marketing applications of its bladder cancer treatment Vicineum. The stock is trading at its highest level since 2016, and is looking at a 341.1% gain for 2021. 

One of the top performers on the Nasdaq today is Support.com, Inc. (NASDAQ:SPRT). The equity was last seen up 17.1% to trade at $9.19, surging for a second day after yesterday's update on its merger transaction process with Greenidge Generation. The customer and technical support company said it was meeting with its stockholders on Sept. 10 to approve the proposed merger. The equity hit a roughly 10-year high of $10.88 earlier today, and boasts a 303% year-to-date lead, with a recent leg of support emerging at its 20-day moving average. 

SPRT chart Aug 13

Duos Technologies Group Inc (NASDAQ:DUOT) is one of the worst performers on the Nasdaq, last seen down 31% at $5.87. Weighing on the shares is the company's second-quarter earnings results, with Duos Technologies noting headwinds from procurement delays and staffing changes. DUOT is trading at its lowest level since February, breaching a recent floor at the 200-day moving average. The stock is still up 35.6% year-to-date, however. 

 

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