Nvidia stock's surge to record highs is lifting the tech-heavy Nasdaq
The Nasdaq Composite Index (IXIC) is extending Friday's record highs, with help from Nvidia (NVDA), which is up 5% at last glance and marking its own all-time highs. The Dow Jones Industrial Average (DJI), on the other hand, is down triple digits midday, while the S&P 500 Index (SPX) sits flat. Meanwhile, the 10- and 30-year Treasury yields are on the rise, after April's consumer confidence index jumped to 102 in May from the previous month's 97.5, surprising analysts and marking the first increase in four months.
Continue reading for more on today's market, including:
- Chemical stock marks two-year highs after latest upgrade.
- Analyst targets Airbnb stock's recent weakness.
- Plus, INSM roars higher after trial data; AGIO jumps on deal; and DKNG drops on tax news.
Insmed Inc (NASDAQ:INSM) is skyrocketing to record highs, up 114.6% at $47.22 at last check, after the company's lung disease drug succeeded in a late-stage trial. Options traders are targeting the biotech stock in response, with 9,840 calls and 13,000 puts exchanged so far, or 3.7 times its average daily options volume. The July 45 call is the most popular, followed by the June 40 put, with new positions opening at the latter.
Agios Pharmaceuticals Inc (NASDAQ:AGIO) stock is soaring today, after news that Royalty Pharma (RPRX) is buying partial royalty rights on potential U.S. net sales of the biotech name's brain tumor treatment following U.S. food and drug administration (FDA) approval. Up 21.6% at $38.31 at last glance, AGIO is trading at two-year highs.
Meanwhile, DraftKings Inc (NASDAQ:DKNG) is down 11% at $36.34 at last look, after news that the Illinois Senate passed legislation that would raise taxes on sports betting. Should these losses hold, DKNG will mark its worst single-day percentage drop since February 2023, and close below its 180-day moving average for the first time since January 2023. Year to date, the equity is holding on to a small 3% lead.
