Dow, Nasdaq Sport Triple-Digit Leads as Tech Rebounds

Tech is rallying after a major sector selloff in the previous session

Deputy Editor
Oct 5, 2021 at 11:58 AM
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The major indexes are staging a comeback from yesterday's dip, with tech stocks moving back into the black following a massive massive sector selloff. While tech is in the spotlight, there's a broader-market pop taking place, with all but two blue-chip components moving higher. Sentiment is also receiving a boost from the September ISM purchasing managers' index (PMI), which rose to 61.9 -- 2 points above expectations -- indicating an uptick in the rate of expansion. At last check, the Dow Jones Industrial Average (DJI) is up around 470, while the tech-heavy Nasdaq Composite (IXIC) boasts its own triple-digit lead, and the S&P 500 Index (SPX) also sits at a comfortable gain. 

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

  • Did Bloom Energy stock just find its bottom?
  • Facebook stock moves into recovery mode after whistleblower revelations.
  • Plus, former Reddit darling moves higher; downgrades weigh on CMTL; and calls fly off the shelves of 1 digital name.

Midday Market Stats October 5

Near the top of the Nasdaq today is Carver Bancorp Inc (NASDAQ:CARV) , which was last seen up 18.4% at $20.47, though the reason for the surge is unclear. The banking giant popped back in the summer, adding around 90% between June and August after catching the attention of retail traders over on Reddit. While it's pulled back to find a ceiling near $20-$21 over the last two months, Carver Bancorp stock remains up 196.3% year-to-date.

Meanwhile, on the other end of the Nasdaq, Comtech Telecomm. Corp. (NASDAQ:CMTL) was last seen down 11.1% at $22.56. This comes after the company reported a fiscal fourth-quarter revenue miss, with Jefferies and Citigroup subsequently cutting their price targets to $35 and $24, respectively. Despite today's dip, the security remains up 46.7% year-over-year.

Bit Digital Inc (NASDAQ:BTBT) is seeing an uptick in bullish activity today, with 38,000 calls across the tape so far, which is seven times the intraday average and more than seven times this amount of puts traded so far. Most popular is the October 10 call, where new positions are being opened. Bit Digital stock is up 23.8% at 9.40 at last check, following news that the company closed an $80 million private placement. In addition, Bit Digital also issued unregistered warrants to purchase over 10 million ordinary shares. Bit Digital stock is fighting to reclaim the $10 level, and remains down over 57% year-to-date with pressure from the 320-day moving average.  

BTBT Chart October 5


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