Stocks Stagnant Amid Cryptocurrency Ban in China

The Dow and S&P 500 are still eyeing weekly wins

Deputy Editor
Sep 24, 2021 at 12:08 PM
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The Dow Jones Industrial Average (DJI) is looking to wrap up a week of wild swings on a flat note, last seen down 18 points after a brief pop into positive territory earlier. The blue-chip index is still eyeing a weekly win, though, joined by the S&P 500 Index (SPX), which is also slightly lower this afternoon. Meanwhile, the Nasdaq Composite (IXIC) is eyeing daily and weekly losses.  

A slew of earnings reports are on Wall Street's radar, while China's crackdown of cryptocurrencies is weighing on tech and crypto-related stocks. The country's central bank announced today all crypto activity is now illegal, including overseas exchanges providing services to mainland China. Bitcoin (BTC) is down roughly 6% in response, and is eyeing a weekly drop of over 10%. 

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

  • Costco stock is the recipient of plenty of bullish analyst attention. 
  • Why Jefferies is eyeing more upside for Cheesecake Factory stock
  • Plus, ZIVO erases this week's dip; unpacking SCWX's pullback; and options players eye support for FUTU.  

midday stats sept 24

Zivo Bioscience Inc (NASDAQ:ZIVO) is yet again one of the best performing stocks on the Nasdaq today, up 76.5% at $6.09 at last glance. The shares have completely erased a pullback from Monday's surge, and are now up 106% for the week. While it seems no particular news is driving this price action, the stock has been particularly volatile lately, and still sports a 52.4% year-to-date deficit. 

One of the worst performing stocks on the Nasdaq this afternoon is Secureworks Corp (NASDAQ:SCWX), which was last seen down 22.8% at $20.58. The equity is trading at its lowest level in nearly two weeks, though it looks like the 40-day moving average may contain this pullback and help SCWX maintain a solid 42.9% year-to-date lead. There is no immediately apparent reason for today's negative price action. 

Futu Holdings Ltd (NASDAQ:FUTU) is seeing an uptick in bearish options activity today, with 12,000 puts across the tape so far -- double the intraday average, and more than three times the number of puts exchanged. The most popular contract is the weekly 9/24 90-strike put, where positions are being opened. This could mean these traders are expecting the $90 level to hold as a floor by the time these contracts expire this evening. FUTU was last seen down 3.8% at $92.19, though the +100% year-to-date breakeven and the 320-day moving average appear to be acting as support for the stock this week. 

futu sept 24

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