Dow Steps Back, Nasdaq Reaches For More Records

The Nasdaq and S&P 500 are headed for weekly wins

Lillian Currens

Digital Content Manager

Sep 3, 2021 at 11:52 AM

The Dow Jones Industrial Index (DJI) is taking a breather today, last seen down 56 points, after August's jobs report came in much lower than expected. The update likely has the Fed rethinking its bond tapering plans, however, which could be keeping deeper losses for the index in check. Meanwhile, the S&P 500 (SPX) is also losing ground, while the Nasdaq Composite (IXIC) has turned slightly higher and could be on track to score its fourth record close of the week. The S&P 500 and Nasdaq are both headed for weekly wins, while the Dow is eyeing a muted weekly loss.

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

Unpacking Netflix stock and its hot streak
McDonald's ice cream machines are getting the FTC treatment.
Plus, DIDI higher as state takes stake; APOP bounces after first bone marrow transplant; and FBRX hits rock bottom.

midday stats sept 3

China-based ride share name DiDi Global Inc (NYSE:DIDI) is seeing a surge in bullish options activity today. So far, 54,000 calls have exchanged hands, triple the intraday average and more than double the number of puts. The weekly 9/10 10-strike call is the most popular, followed by the weekly 9/3 9.50-strike put. Positions are being sold to open at this latter contract, suggesting these traders are eyeing a floor for DIDI at the $9.50 level during today's session. DIDI was last seen up 3.3% at $9.09 following a Bloomberg report that Beijing might take a stake in the company, which would bring it under control of the state.

Cellect Biotechnology Ltd (NASDAQ:APOP) is one of the top performing stocks on the Nasdaq today. The equity was last seen up 39.8% at $7.69, after the company's first ApoGraft Bone Marrow Transplantation in a Leukemia patient. APOP has already added 256.5% this year, and is now trading at its highest levels since early 2019.

One of the worst performing stocks on the Nasdaq, meanwhile, is Forte Biosciences Inc (NASDAQ:FBRX). The security was last seen down 81.3% at $5.35 after the drugmaker said it will scrap its leading atopic dermatitis candidate, FB-401, following disappointing trial results. FBRX is trading at its lowest level on record.

fbrx chart sept 3

Follow @Schaeffers

You Don’t Need 25 Alerts -- You Need ONE You Can Trust!

That’s the idea behind Trade of the Week, Schaeffer’s newest trade alert.

Every Monday morning before the opening bell, you’ll receive a single, expertly researched trade recommendation -- built from the same proprietary research we’ve been using for over four decades.

It’s not just a signal.

It’s a plan designed for traders who are tired of jumping from alert to alert without ever finding their edge.

No juggling alerts. No switching directions mid-week. Just one clear, expertly researched trade idea -- delivered before the market even opens.

👉 JOIN RIGHT NOW FOR JUST $1 TO GET THE NEXT TRADE!