All three major indexes are pulling back after last week's gains
Stocks are firmly lower at midday, retreating from last week's gains, though the Nasdaq Composite (IXIC) managed to eke out a record high this morning before pulling back. The tech sector is taking a breather from its recent run, with Nvidia (NVDA) dipping after news of its Chinese regulatory investigation. Bitcoin (BTC) is also lower, cooling from its recent run above $100,000. Meanwhile, wholesale inventories rebounded in October with a slight 0.2% gain, in line with Wall Street's estimates.
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Options bulls are targeting Las Vegas Sands Corp (NYSE:LVS), as the stock rises to a fresh annual high. So far, 35,000 calls have been exchanged compared to just 4,208 puts, or 4 times the average daily options volume. The December 60 call is the most popular, where new positions are being opened. LVS was last seen up 4% at $56.12 as the entire casino sector enjoys impressive gains.
China-based Bilibili Inc (NASDAQ:BILI) is surging today, up 20.8% at $23.05 at last glance, after the company announced a repurchase of over 311,000 shares and changes in its issued shares. Beijing's latest stimulus pledge is also giving stocks a boost. Gapping above recent pressure at the $20 level, BILI is up 90.1% in 2024.
Elsewhere, Applovin Corp (NASDAQ:APP) is down 14.6% at $342.79, after it was left out of the latest S&P 500 rebalancing. Falling sharply from Friday's record highs, the shares are still up 162% in this quarter alone.
