Dow, Nasdaq Enjoy Triple-Digit Gains Midday

The S&P 500 sporting a modest midday pop

Digital Content Manager
Aug 8, 2022 at 11:43 AM
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Stocks are extending this morning's gains, with the Dow Jones Industrial Average (DJI) last seen up 223 points, while the S&P 500 Index (SPX) also sits comfortably above breakeven. The Nasdaq Composite (IXIC) also boasts a triple-digit gain at the midway mark, as investors brush off chip name Nvidia's (NVDA) weak revenue.

Wall Street is enjoying tailwinds from last week's upbeat jobs data, while traders also eye the $430 billion climate change bill, passed by the Senate this weekend. Meanwhile, July's New York Fed survey just came out showing that respondents expect inflation to run at a 6.2% pace during the next year, and a 3.2% pace for the next three years, marking a notable drop from June's survey results. 

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

midday stats aug 8

Beyond Meat Inc (NASDAQ:BYND) is seeing a surge in its options pits today. So far, 26,000 calls and 19,000 puts have been exchanged, which is double the intraday average. The most popular position is the weekly 8/12 36-strike put, followed by the 50-strike call in the same series, with positions being opened at both. BYND was last seen up 7.6% at $41.14 as it extends Friday's post-earnings pop, thanks to price-target hikes from Mizuho and Barclays. They analysts raised their price objectives to $27 and $30, respectively. BYND is eyeing its first close above the 140-day moving average in over a year today. 

bynd aug 8

One of the best stocks on the Nasdaq today is Bonso Electronics International Inc. (NASDAQ:BNSO). The equity was last seen up 87.2% at $8.95. While there's no apparent catalyst for the price action, it looks like BNSO is part of the meme stock resurgence markets have been seeing. The equity earlier surge back above the $12 level, which it hasn't touched since a similar pop back in April 2021. 

One of the worst stocks on the Nasdaq today is Reata Phamaceuticals Inc (NASDAQ:RETA), which was down 33.2% at $23.87 at last glance, after the company's second-quarter revenue missed expectations. The stock fell back toward its early May, three-year low of $20.23 earlier, and suffers a year-over-year deficit of 80.4%. 

 

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