Stocks on the Rise as S&P 500 Conquers 4,300 Mark

The Nasdaq could extend its weekly win streak

Deputy Editor
Jun 9, 2023 at 12:00 PM
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Stocks are edging higher as the week comes to an end, with all three major indexes on track for weekly gains. The Nasdaq Composite (IXIC) is headed for its seventh-straight weekly win, while the S&P 500 Index (SPX) is eyeing its fourth consecutive week of gains, after today surpassing the key 4,300 level to extend its multi-month highs. 

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

  • Rounding up Cincinnati earnings as season winds down. 
  • The chip sector is still clinging to late May gains. 
  • Plus, options traders blast DOCU; SIEN soars on FDA buzz; and CHPT drops on rival deal. 

mmc june9

Options traders are targeting DocuSign Inc (NASDAQ:DOCU) today, with 107,000 calls and 67,000 puts traded so far, which is 13 times the typical intraday volume. The weekly 6/9 60-strike call is the most active contract by far, with positions currently being opened there. DOCU pulled back from its earlier pop, after hitting a three-month high following the company's raised full-year forecast. Now down 3.3% at $56.55, the equity is still holding onto a 2% year-to-date lead. 

DOCU June9

Sientra Inc (NASDAQ:SIEN) is at the top Nasdaq, up 63.% at $2.84 at last glance, after the U.S. Food and Drug Administration (FDA) granted marketing clearance for its breast tissue expander AlloX2 Pro. Trading at its highest level since November, the stock is up 42.9% year-to-date. 

Electric vehicle (EV) charging stock ChargePoint Holdings Inc (NYSE:CHPT) is down 12.4% at $8.42 at last check, after reports that General Motors (GM) is joining Ford (F) in adopting Tesla's (TSLA) charging system. Year-to-date, CHPT is down 11.4%. 

 

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