Stocks Higher as Energy Sector Shines

The Dow is on track for an 11th consecutive win

Emma Duncan

Managing Editor

Jul 24, 2023 at 11:59 AM

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Stocks are moving higher today, as the surging energy sector gives the market a boost. The Dow Jones Industrial Average (DJI) is on track for its 11th-straight win, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) sit higher as well. Should these gains hold, this will mark the blue-chip index's longest win streak since February 2017. This week all eyes are on the Fed's latest interest rate decision, which is due out Wednesday.

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

Options traders are taking a slice of this pizza giant.
Shopify stock receives a pair of bull notes.
Plus, Pharma stock with hot options; Barbenheimer takes over; and Kodiak stock dragged on drug failure.

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Horizon Therapeutics PLC (NASDAQ:HZNP) is seeing unusual options activity today, with 72,000 calls and 24,000 puts traded so far, or 12 times the average intraday amount. Most popular is the 105-strike call in both the August and September series, with new positions being opened at the latter. While the catalyst driving today's options surge is unclear, the pharma giant reported a failed mid-stage 2 trial for Systemic lupus erythematosus (SLE) drug daxdilimab on Friday. HZNP has struggled in 2023, last seen down 13% for the time period.

AMC Entertainment Holdings Inc (NYSE:AMC) is dancing at the top of the New York Stock Exchange (NYSE) today, up 23% at $5.41 at last check, after the dubbed "Barbenheimer" weekend posted blowout box office results. Greta Gerwig's Barbie logged record number for a female director, and Christopher Nolan's Oppenheimer also rolled out impressive revenue. An estimated 7.8 million movie goers hit AMC theaters this weekend, sending the stock toward its best day since March 2022.

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One of the worst stocks on the Nasdaq, meanwhile, is Kodiak Sciences Inc (NASDAQ:KOD). The equity is down 50% at $3.65 at last glance, after the company halted its diabetic macular edema (DME) eye drug tarcocimab tedromer, following two failed trials. KOD is on track for its worst day since February 2022 and is down 50% year-to-date.

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