Stocks are sharply higher midday
Fresh off monthly losses, the Dow Jones Industrial Average (DJI) and Nasdaq Composite Index (IXIC) are both up over 400 points this afternoon, while the S&P 500 Index (SPX) sits firmly higher as well. This morning's Big Tech earnings put the spotlight back on the artificial intelligence (AI) trade, helping the market brush off higher-than-expected weekly jobs data. At this point, the DJI and SPX are both headed for an eighth-straight daily win.
Continue reading for more on today's market, including:
- Don't miss these 2 'Magnificent 7' quarterly results.
- Apple stock on track to snap 7-day win streak.
- Plus, options traders target EBAY; and two stocks staging large post-earnings swings.
eBay Inc (NASDAQ:EBAY) is seeing elevated options activity this afternoon, with 14,000 calls and 8,421 puts traded so far -- 5 times the average intraday volume. The weekly 5/2 71- and 68-strike calls are seeing the most activity, with new positions opening at the weekly 5/2 68-strike put. The e-commerce name posted better-than-expected first-quarter earnings and revenue, and announced a new CFO. At last glance, EBAY was up 0.8% at $68.71.
Advanced Energy Industries Inc (NASDAQ:AEIS) is one of the best-performing stocks on the Nasdaq this afternoon, last seen 113.8% higher at $110.90. The electrical name reported better-than-expected first-quarter earnings and revenue results, pushing the shares above a slew of moving averages on the charts, including the 200-day trendline. Year to date, the equity is down 2.9%.
Arvinas Inc (NASDAQ:ARVN) stock, on the other hand, is down 25.7% at $7.13, despite better-than-expected first-quarter results, after the company announced it was laying off 33% of its workforce and terminating two phase 3 trials. Moving back toward its April 9 record low of $5.93, the equity is down 62.8% year to date.