Dow Eyes Triple-Digit Comeback as Bond Yields Cool

Investors are rotating back into the beaten-down tech sector

Digital Content Manager
Sep 29, 2021 at 12:01 PM
facebook twitter linkedin


The Dow Jones Industrial Average (DJI) is up 155 points at midday, eyeing a sizeable comeback off yesterday's rout. The S&P 500 Index (SPX) is following suit with a notable midday gain, though the tech-heavy Nasdaq Composite (IXIC) is sliding into the red despite a cooling 10-year U.S. Treasury yield. Investors are rotating back into tech, though, with most sector leaders enjoying a bounce.

Meanwhile, Federal Reserve Chair Jerome Powell's warning that inflation might have a longer run than initially anticipated is reverberating through Wall Street. A pending home sales reading from the National Association of Realtors (NAR) showing a better-than-expected 8.1% rise in August is boosting investor sentiment, however.

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

  • Netflix is breaking into video games with its latest acquisition
  • Some key levels to watch on this popular electric vehicle ETF. 
  • Plus, PALT surges to roughly 4-year highs; HLBZ sinks on SEC update; and GOEV attracts attention from options bulls.  

 midday stats sept 29 new

Paltalk Inc (NASDAQ:PALT) is one of the best-performing stocks on the Nasdaq today, last seen up 79.6% at $9.41. The stock has seen a massive surge this week after being uplisted to the Nasdaq earlier this month. The stock is already up 164.8% this week, and has tacked on 866.4% in the last 12 months. Plus, the security earlier hit a roughly four-year high of $10.62. 

One of the worst stocks on the Nasdaq today is Helbiz Inc (NASDAQ:HLBZ), down 33.3% at $13.79 at last check. The company just announced the U.S. Securities and Exchange Commission (SEC) declared its registration statement on Form S-1 effective. This statement registers the resale of up to 2.6 million shares and 2.6 million warrants at the exercise price of $11.50 per share. The equity has been particularly volatile of late, though its 20-day moving average appears to be containing most of today's pullback. HLBZ is still up 33.7% year-to-date. 

hlbz sept 23

Options are running at nearly two times their average daily pace on Canoo Inc (NASDAQ:GOEV) this afternoon, with 14,000 calls and 1,631 puts exchanged so far. The October 10 call is by far the most popular, followed by the weekly 10/1 8.50-strike call. GOEV was last seen up 0.8% at $7.74, as the electric vehicle maker attempts to recover from yesterday's sector-wide slide. Reddit traders have also taken a liking to Canoo stock, which may account for some of its recent volatility. The equity is down 43.3% year-to-date, but has recently found support at its 50-day moving average. 

 

Stop leaving money on the table with the same old broken options trading approach...

There is no options strategy that more perfectly capitalizes during earnings season better than this simple call and put buying strategy. Perfect for aggressive traders looking to recover their suffering portfolios so far in 2022. With the simplest possible options strategy, Schaeffer's team with 100+ years of options trading excellence, target 200% gains on every single trade. So many trades are being beaten down by the market, but don't be one of them! Don't waste another second... join us right now before the next trade is released! 

 
Schaeffer's Daily Bulletin Offer
 


 


 
Special Offers from Schaeffer's Trading Partners