Markets Muted as Santa Claus Rally Takes a Pause

The Nasdaq, meanwhile, is sinking as the 10-year Treasury yield rises

Digital Content Manager
Dec 29, 2021 at 12:02 PM
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The Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) are modestly higher this afternoon. The former is sporting a 65-point lead, and pacing for its sixth-straight daily win, while the latter is hovering just below yesterday's intraday high. The Nasdaq Composite (IXIC), on the other hand, is stepping back even further, after the 10-year Treasury yield rose back above 1.5%. Travel stocks are seeing some weakness today, as Wall Street keeps an eye on the potential threat the spreading omicron variant poses, with Johns Hopkins University recording over 4.1 million Covid-19 cases this month.

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

  • Why Alibaba stock is slipping today. 
  • 2 vaccine stocks eyeing long losing streaks. 
  • Plus, AEO calls surge; ISIG keeps climbing; and MFIN hits annual low.

mmc stats dec 29

American Eagle Outfitters Inc (NYSE:AEO) is seeing a surge in bullish activity in its typically quiet options pits, with 10,000 calls across the tape so far, which is five times the intraday average. Most popular is the January 2022 26-strike call, followed distantly by the 1/14 24.50-strike call, with new positions being opened at the former. AEO was last seen up 4.5% at $25.44. The equity is eyeing its fourth-straight daily win, though it could run into trouble at the formerly supportive 60-day moving average, which looms above.  

aeo dec 29 mmc

Insignia Systems, Inc. (NASDAQ:ISIG) is among the Nasdaq's top performers again today, last seen up 17.3% to trade at $22.31, bolstered even further by retail investors targeting heavily shorted equities. The stock is now headed for its highest close since 2011, but this rally has stopped short of the stock's Dec. 9 annual high of $35.50.

One of the worst stocks on the Nasdaq is Medallion Financial Corp (NASDAQ:MFIN). The security was last seen down 27.3% to trade at $6.14, after the U.S. Securities and Exchange Commission (SEC) charged the company with alleged fraud that improved its valuation. Medallion Financial called these charges "unfounded." Nevertheless, MFIN hit an annual low of $3.50 earlier in the session, breaching support at the 200-day moving average. MFIN is still clinging to an 19.7% year-to-date lead, though.


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