Stocks Cruising Alongside Oil, Bank Momentum

Oil hit $82 a barrel earlier in the session

Assistant Editor
Oct 11, 2021 at 11:51 AM
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Energy and bank stocks are giving Wall Street a major boost this afternoon. Oil topped $82 a barrel earlier in the session, while major U.S. banks will unofficially kick off earnings season later this week. At last check, the Dow Jones Industrial Average (DJI) is up around 135 points, while the Nasdaq Composite (IXIC) and the S&P 500 Index (SPX) each sit well above breakeven. All three benchmarks are cruising toward their fourth win in five trading days. Elsewhere, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), is pacing for its fifth-straight loss.

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

  • See what Deutsche Bank had to say about Starbucks stock.
  • Why call traders are bombarding Cleveland-Cliffs stock.
  • Plus, SoFi's bullish frenzy; Blue Apron stock staging a comeback; and PCG falls on expected outages.

Midday Market Stats October 11

SoFi Technologies Inc (NASDAQ:SOFI) is a big target for options bulls this afternoon, with 136,000 calls exchanging hands so far, triple the intraday average and well above the 19,000 puts traded so far. The October 17.50 call is the most popular, while new positions are being opened at the 18- and 17-strike calls from the same series. At last check, SOFI is up 8.6% at $17.60, after Morgan Stanley upgraded the personal finance name to "overweight," calling it a "powerful revenue growth story" as well. Year-to-date, SoFi stock is up 41.4%.

SOFI Stock October 11

Blue Apron Holdings Inc (NYSE:APRN) sits at the top of the New York Stock Exchange (NYSE) today, last seen up 16.3% at $7.94 though its unclear what's driving the positive price action. On Friday, Blue Apron stock plunged 15.7% for its worst daily performance since August 4. Year-to-date, APRN is up 40.3%.

Near the bottom of the NYSE is PG&E Corporation (NYSE:PCG), last seen down 5.7% to trade at $10.10. This comes after the utility company announced it will shut off power for thousands in Northern California, as weather conditions trend toward possible fires. The equity is now down 19.2% in 2021, with pressure from multiple long trendlines emerging on the charts.

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