S&P 500, Nasdaq Score New Highs Amid Powell Tailwinds

The Fed has started tapering its asset purchases this month

Managing Editor
Nov 22, 2021 at 12:37 PM
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Stocks are mixed midday, enjoying tailwinds and new records amid the Fed Chair news. The Dow Jones Industrial Average (DJI) is up over 240 points at last check, set to snap a three-day losing streak. The S&P 500 (SPX) and Nasdaq Composite (IXIC) both hit record highs earlier today, though the latter has since dropped triple digits this afternoon. Investors are cheering the stability wrought from President Joe Biden's Powell decision, especially as the central bank begins slowing its asset purchase and scaling back the 2020 pandemic emergency programs. 

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

  • This retail stock has short squeeze potential. 
  • What sparked Cowen's Blink stock downgrade
  • Plus, Apple weekly calls pop; NIO stays hot; and Roblox stock cools off. 

MMCStatsNov22new

Apple Inc. (NASDAQ:AAPL) is seeing notable options activity today, with the weekly 11/26 165-strike call seeing particular attention, and positons are being bought to open here. AAPL was last seen up 1.9% to trade at $163.73, suggesting these traders are eyeing even more upside before these contracts expire at the end of the week. Apple stock is up 24% in 2021.

Near the top of the Nasdaq today is Nio Inc (NYSE:NIO), last seen up 5.1% to trade at $40.65. The electric vehicle (EV) stock is likely enjoying tailwinds from the news that Tesla (TSLA) is set to debut Model S Plaid in China around March. Nio stock is down 15% in 2021 

Meanwhile, Roblox Corp (NYSE:RBLX) is on the other end of the spectrum, down 10.9% to trade at $120.08 at last check. The specific catalyst is unknown, but Roblox stock remains up 75% in 2021, and 45% alone in the last month.

RBLX Stock Chart

 

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