The Nasdaq and S&P 500 are higher at midday
Stocks are attempting to finish the last day of January on a positive note, after being plagued by volatility for most of the month. The Dow Jones Industrial Average (DJI) has rebounded from this morning's triple-digit losses, and is now posting a modest rise. Both the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) have pivoted higher as well, though the former is still eyeing its worst month since March 2020, while the latter remains on pace for its worst monthly performance since late 2008. Contributing to today's optimism is the tech sectors' strength, on the heels of fresh upgrades for Netflix (NFLX) and Tesla (TSLA).
Continue reading for more on today's market, including:
NetEase Inc (NASDAQ:NTES) is seeing an unusual amount of bearish options activity today. So far, 7,470 puts have exchanged hands -- 22 times the volume what is normally seen at this point -- compared to just 133 calls. Most popular by far is the weekly 2/4 80-strike put, where new positions are being opened. The equity is also surging today, last seen up 5.1% at $101.29, after opening another gaming studio in Japan to create "high-quality console titles that will be released globally.” Shares are now bouncing off a floor at the $93 level, after getting rejected at the $108 mark twice in January, but remain down 11.8% year-over-year.
One of the best performers on the New York Stock Exchange (NYSE) today is Nio Inc (NYSE:NIO), last seen up 12.7% to trade at at $23.54. Today's bull gap came after the Chinese electric vehicle name said it completed the repurchase right offer for its 4.50% convertible senior notes, due in 2024. Shares are attempting to recover from a Jan. 28, two-year low of $19.91, after breaching recent support at the $28 level. Quarter-to-date, NIO is down 26.4%.
Mesabi Trust (NYSE:MSB) is among the worst stocks on the NYSE, down 6.4% to trade at $29.15 at last check. While there was no apparent catalyst for today's negative price action, the stock has been cooling off since the $36 level rejected last week's rally. The $29 area looks like it could contain this pullback, though the stock has lost support from the 20-day moving average. Over the last nine months, MSB has shed 19.2%.
