Stocks Higher at Midday Amid Strength in Tech, Solar Sectors

Tech stocks are getting a boost from Amazon.com's 20-for-1 stock split

Deputy Editor
Jun 6, 2022 at 11:59 AM
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The Dow Jones Industrial Average (DJI) is roughly 260 points higher at midday, after easing Covid-19 restrictions in China boosted investor sentiment. Additionally, the Nasdaq 100 Index (NDX) and S&P 500 Index (SPX) are both firmly in the black as well, thanks to a rising tech sector following Amazon.com's (AMZN) 20-for-1 stock split. Elsewhere, solar stocks are bouncing, following reports that U.S. President Joe Biden will enact a 24-month tariff exemption for solar panel products from four countries in  Southeast Asia.

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

  • Analyst says this streaming stock is recession-proof.
  • Why these 2 solar stocks are charging higher today.
  • Plus, BABA calls pop on regulatory update; Futu beats quarterly expectations; and software stock takes a dive.
Midday Market Stats June 6 

Alibaba Group Holding Ltd (NYSE:BABA) is seeing an unusual amount of bullish activity in its options pits today. The equity, which was 8.3% higher at $100.90 at last check, has so far seen 155,000 calls traded, or double the intraday average, compared to 61,000 puts. The most popular contract is the weekly 6/10 110-strike call, followed by the 100-strike call in the same series, with positions being opened at both. Alibaba stock is getting a boost as Chinese regulators look to conclude their investigations into ride-hailing company DiDi Global (DIDI), putting it on track to close above $99 for the first time since May 4. Year-over-year, BABA is still down 54.2%.

One of the best performing stocks on the Nasdaq today is Futu Holdings Ltd (NASDAQ:FUTU). The security was last seen up 18.8% at $43.78, after the Hong Kong-based holding company announced first-quarter earnings and revenue that beat analysts' estimates. Today's pop has the equity trading above the $45 level for the first time since March. Over the last three months, FUTU has added a 38.2%.

Meanwhile, near the bottom of the New York Stock Exchange (NYSE) sits Q2 Holdings Inc (NYSE:QTWO). The software name reportedly placed its sale on hold after bids came in below expectations, while digital payments platform Payrailz today revealed an integration with Q2's digital banking platform to offer peer-to-peer payment services. The stock was last seen down 12.8% at $46.37, after failing to overtake its 60-day moving average last week. The equity has turned in seven weekly losses in the last 10, and is 42.3% lower in 2022.

QTWO Chart June 6

 

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