S&P 500, Nasdaq Nab Fresh Highs to Start the Week

Energy and oil stocks are in focus amid Hurricane Ida

Assistant Editor
Aug 30, 2021 at 11:46 AM
facebook twitter linkedin


The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) have both nabbed record intraday highs today, as the market extends last week's gains following central bank updates at the Jackson Hole Symposium. The Dow Jones Industrial Average (DJIA) is in the black midday as well, as investors watch for updates on the aftermath of Hurricane Ida in Louisiana, which has commodities and energy stocks in focus. 

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

  • Affirm stock is barreling towards its best day ever
  • Options traders target penny stock following an Apple satellite update.  
  • Plus, options traders target SDC; BBIG extends its rally; and ASTR plummets on failed rocket test.

MMC 0830

SmileDirectClub Inc (NASDAQ:SDC) is seeing a bullish options surge amid its positive price action today, up 17.6% to trade at $6.09 at last check. So far, 137,000 calls have crossed the tape, which is 15 times what's typically seen at this point. The weekly 9/3 6-strike call is the most popular, followed by the September 6 call, with new positions being opened at both. SDC is down 50.2% since the start of the year, and recently hit an Aug. 23 annual low of $4.63.  

SDC MMC

Vinco Ventures Inc (NASDAQ:BBIG) is extending Friday's 80.9% pop, up 37.2% to trade at $7.27 at last check. The stock is trending on StockTwits today and landed on Fintel's short squeeze list. Short interest has been climbing over the past two weeks, and now represents 61.8% of the stock's available float. 

Meanwhile, Astra Space Inc (NASDAQ:ASTR) is one of the worst performers on the Nasdaq, after an unsuccessful test launch of its rocket, LV0006. The company said one of its engines shut down just after liftoff, and the test was ended prematurely. At last check, ASTR was down 20.7% to trade at $9.26. 

Grab your FREE Eternal Contrarian report!


 




 
Special Offers from Schaeffer's Trading Partners