Dow Eyes Triple-Digit Comeback as Bond Yields Cool

Investors are rotating back into the beaten-down tech sector

Deputy Editor
Sep 29, 2021 at 12:01 PM
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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. 

Trader: Sell These 8 Stocks in 2021

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