Dow Down Triple Digits; Tesla Props Up Nasdaq

U.S. President Joe Biden just signed a Tiktok bill into law

Digital Content Manager
Apr 24, 2024 at 11:58 AM
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Tesla's (TSLA) move to pursue more affordable electric vehicle (EV) models has the Nasdaq Composite (IXIC) eyeing a third-straight win this afternoon. The Dow Jones Industrial Average (DJI) is down triple digits, putting its four-day win streak in jeopardy, while the S&P 500 Index (SPX) is also lower.

Elsewhere, U.S. President Joe Biden just signed a bill into law that will force the sale of China-based ByteDance's Tiktok in the U.S. over the next nine months, or lead to a ban of the social media platform. The bill included aid to Israel, Ukraine, and Taiwan as well.

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

  • Analyst changes tune on Airbnb stock.
  • Beat-and-raise boosts chip stock.
  • Plus, VRT hits record high; PRE emerges from penny stock territory; and profit miss weighs on China stock.

MMC Stats 0424

Vertiv Holdings Co(NYSE:VRT) stock is popular with options traders today, with 63,000 calls and 16,000 puts traded so far, which is seven times the volume usually seen at this point. The weekly 5/3 100-strike call, where new positions are being bought to open, is the most popular contract. The shares were last seen up 10.5% to trade at $87.43, and earlier hit a record high of $94.39 following the tech company's first-quarter beat and strong annual forecast. VRT boasts a staggering 620.2% year-over-year lead, with 83.9% amassed just in 2024.

Prenetics Global Ltd (NASDAQ:PRE) stock is blasting out of penny stock territory to lead the New York Stock Exchange (NYSE), up 68% to trade at $7.68 at last check. The shares are trading at their highest level since September, and are also gapping above the 200-day moving average as they pace for a third-straight gain. So far this year, PRE added more than 19%.

PRE 200 Day

New Oriental Education & Tech Grp (NYSE:EDU) stock is among the worst stocks on the NYSE, last seen down 13.5% to trade at $77.54. While the company announced better-than-expected revenue for the first quarter, earnings per share of 63 cents ultimately missed the mark. Shares earlier slipped to their lowest level since January, but still sport a slim 6.7% year-to-date lead.

 

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