The S&P 500 and Nasdaq are also firmly higher on Election Day
Election Day is underway, with investors on edge as Wall Street braces for post-result volatility regardless of outcome. The Dow Jones Industrial Average (DJI) is surging, last seen up 290 points. Both the Nasdaq Composite (IXIC) and S&P 500 Index (SPX) are also firmly higher, with cryptocurrency stocks surging as Bitcoin (BTC) reclaims $70,000. In other news, service sector activity expanded in October at the fastest pace since July 2022.
Continue reading for more on today's market, including:
- Software stock nabs post-earnings record high.
- CEO departure gives Dollar Tree stock a boost.
- Plus, options traders eye NVAX; CMI surges to fresh peak; and CE looks to extend losing streak.
Novavax Inc (NASDAQ:NVAX) stock is getting blasted in the options pits, with 34,000 calls and 17,000 puts traded so far, volume that's seven times the average intraday amount. The most popular contract is the weekly 11/8 10.50-strike call, while positions are also being bought to open at the November 10 call. Shares are up 1.9% to trade at $9.30 at last glance, looking to snap a five-day win streak after finding support at the $9 level. So far this year, Novavax stock has added over 91%.
Cummins Inc (NYSE:CMI) is among the best stocks on the SPX today, last seen up 8.7% at $353.86, after earlier surging to a record high of $356.68. The generator company beat analysts' top- and bottom-line estimates for the third quarter, amid strong demand from data centers for its power generation products. CMI is on track for its best day since March 2020 as it bounces off the 40-day moving average, and now boasts a 60.7% year-over-year lead.
Conversely, Celanese Corporation (NYSE:CE) stock is at the bottom of the SPX, down 24.8% at $92.86 at last glance. Today's bear gap follows the chemical company's dismal profits for the third quarter, as well as a 95% dividend cut. CE is trading at nearly two-year lows and eyeing its worst single-day percentage drop since October 2008. Year-to-date, the shares have now shed over 40%.