Dow Rises Over 500 Points as Rally Continues

All eyes are on the U.S. midterm elections

Deputy Editor
Nov 8, 2022 at 11:56 AM
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The Dow Jones Industrial Average (DJI) is up 507 points midday, while the S&P 500 Index (SPX) and Nasdaq Composite Index (IXIC) move comfortably higher as well, with all three benchmarks eyeing a third-straight daily win. All eyes are on the U.S. midterm elections today, as investors speculate what different outcomes could mean for the market, as well as a host of earnings reports. Meanwhile, gold prices have moved above $1,700 for the first time in a month, as the U.S. dollar pulls back.

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

  • Call traders target this EV stock after shareholder news. 
  • Why Take-Two Interactive stock just hit 3-year lows
  • Plus, options traders dive toward DWAC; TASK soars after earnings; and LYFT plummets on stiff competition. 

new mmc nov8

Digital World Acquisition Corp (NASDAQ:DWAC) is seeing an options surge today, which is likely an extension of yesterday's options activity, following rumors of Donald Trump's potential 2024 election run. So far, 59,000 calls and 23,000 puts have crossed the tape -- nine times the intraday average volume. The weekly 11/11 30-strike call is the most popular, with new positions opening there. At last glance, DWAC was down 1.1% at $28.71. 

Taskus Inc (NASDAQ:TASK) is one of the top performers on the Nasdaq today, up 31.4% at $21.07 at last glance, after the company posted a third-quarter beat. The stock is brushing off a bear note too, as BTIG slashed its price target to $30 from $37. Now trading at its highest level since August, the equity is still seeing pressure from its 180-day moving average. 

TASK Nov8

Meanwhile, Lyft Inc (NASDAQ:LYFT) is down 20% to trade at $11.30, and on the short sell restricted list (SSR) today. The rideshare name's dismal forecast and slowing rider growth have investors fleeing the stock in fear that Uber (UBER) is eating into its market share. Evercore ISI also recommended Uber over Lyft in its downgrade to "in line" from "outperform" earlier today. No fewer than 15 other analysts have chimed in with price-target cuts as well. Year-over-year, the equity is down roughly 80%. 

 

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