The Dow was last seen up 55 points
The major indexes have trimmed their morning losses by midday, with the Dow Jones Industrial Average (DJI) last seen up 55 points, after earlier dropping 180 points. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) have also erased their premarket drops, with both now sitting firmly above breakeven. A spate of gloomy economic data out of China spooked traders, compounded by the country's unexpected interest rate cut. This comes just one week after upbeat inflation numbers out of the U.S. boosted markets. Meanwhile, investors are eyeing an influx of earnings from the retail sector later in the week.
Continue reading for more on today's market, including:
- 2 stocks weighed down by China's gloomy economic data.
- J.P. Morgan Securities is ditching this used car e-tailer.
- Plus, GPS calls are red-hot; EPOW surges on recent transition; and IDYA plummets after earnings.
Gap Inc (NYSE:GPS) is seeing a surge in bullish options activity today, with 18,000 calls across the tape so far, which is five times the intraday average. The most popular position is the August 11 call, followed distantly by the September 12 call, with positions being opened at the latter. Dealreporter earlier tweeted that Gap might be exploring a spinoff of its Athleta brand. GPS was last seen up 1.4% at $10.79, though year-over-year the stock is down 62.7%.
The top performer on the Nasdaq today is the Global Internet of People Inc (NASDAQ:EPOW). The stock was last seen up 87% at $4.04, after the company said it is canging its name to Sunrise New Energy to reflect its transition into the manufacturing and sales of graphite anode for electric vehicle (EV) batteries. Today marks the first day the security is trading under its new ticker "EPOW." The equity is now up a whopping 281.8% this year, with recent support at its 40-day moving average, and earlier hit a record high of $6.42.
Ideaya Biosciences Inc (NASDAQ:IDYA) is one of the worst performers on the Nasdaq today, last seen down 36.3% at $9.97, after the firm posted second-quarter losses of 57 cents per share, which is wider than what analysts expected. The stock is sinking back toward a May 9, roughly two-year low of $8.14, after a month consolidating below the $16 mark.