Stocks Mixed as Treasury Yields Rise, Tech Plummets

The Nasdaq and S&P 500 are notably lower

Digital Content Manager
Sep 27, 2021 at 12:14 PM
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While the Dow Jones Industrial Average (DJI) is up 144 points this afternoon, the broader market is swimming in red ink, weighed down by plummeting tech shares. Both the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are lower, after the 10-year Treasury yield hit its highest level since June. Investors are eyeing falling Covid-19 cases, with Pfizer (PFE) CEO Albert Bourla predicting a return to normalcy in the U.S. within the year, though vaccines may be necessary on an annual basis. The news is boosting travel and reopening stocks, while bank and energy stocks also charged higher. 

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

  • Analyst downgrade sends Altice stock to annual lows. 
  • Box stock's impressive rally might not be over just yet. 
  • Plus, RCAT soars on NASA deal; ASLN drops despite upbeat drug data; and bears target TIGR amid crypto restrictions in China.  

mmc chart sept 27

Red Cat Holdings Inc (NASDAQ:RCAT) is the best performing stock on the Nasdaq today, last seen up 58.3% at $3.80, after its subsidiary Skypersonic received a five-year contract from the National Aeronautics and Space Administration  (NASA). The group will provide drone as well as rover software and support for NASA's Simulated Mars mission. RCAT is trading at its highest level since mid-July, and has toppled resistance at several trendlines, including the 80-day moving average, which was first formed earlier in late August.

Aslan Pharmaceuticals Ltd (NASDAQ:ASLN) is one of the worst performers on the Nasdaq. The stock is off 37.9% at $2.02 at last check, despite the company reporting positive data establishing a conclusive proof of concept for its atopic dermatitis (AD) treatment ASLAN004. The equity is trading back below its 320-day moving average, which has kept most pullbacks in check since November. In the last six months, ASLN has shed 43%

asln sept 27

Up Fintech Holding Ltd (NASDAQ:TIGR) is seeing a surge in bearish trading activity today, with 21,000 puts exchanged so far -- eight times the intraday average. The most popular is the December 7.50 put, followed by the 10 put in the same series, with new positions being opened at both. The stock was last seen down 1% at $11.37, as China-based brokerages fall amid even tighter government restrictions on crypto trading. The stock earlier touched a roughly nine-month low of $10.81, though it is still up 42.9% in 2021. 

 

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