Stock Market Rally Capped by Tech Selloff
The stock market is mixed at midday as tech stocks weigh
The Dow Jones Industrial Average (DJI) is up around 170 points midday as positive economic data continues to roll in. Specifically, April new home sales beat expectations and states continue to ease lockdowns across the country, sending varioustravel-related stocks higher. However, today's drop in big tech has the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) giving back their morning gains, the latter swimming in red. In other news, Wall Street continues to keep an eye on U.S.-China tensions regarding Hong Kong securitylaws.
Continue reading for more on today's market, including:
Tractor stock marks fresh highs after upbeat forecast.Volatile Boeing stock rises on job cuts.Plus, this chemical stock sees a surge in options volume; PAGS earns a price-target hike; and ARCT plummets from previous highs.
One stock seeing unusual options activity today is Ecolab Inc (NYSE:ECL), down 0.5% at $203.65 at last check. The chemical company has seen an even 20,000 calls and 20,000 puts cross the tape so far, 10 times the expected rate. Most popularlooks to be the weekly 6/12 290-strike call and the 290-strike put, where just over 39,000 contracts have been exchanged. On a longer-term basis, the equity is up 12.5% year-over-year.
Scaling the New York Stock Exchange (NYSE) today is PagSeguro Digital Ltd (NYSE:PAGS), up 10.5% at $31, at last check. KeyBanc raised the Brazil-based financial tech company's price target to $32 from $20, and maintained its "overweight" rating. Today's bull gap looks to gain support at the 160-day moving average, and PAGS is now up 44.1% in the last month.
On the other hand, struggling on the Nasdaq today is Arcturus Therapeutics Ltd (NASDAQ:ARCT), down 25.7% at $40.56, at last check. Though the reason for this is unclear, ARCT had been trading within a chip-shot of its May 19 five-yearhigh of $62.97. Still up 239% for 2020, the equity could find support at the $35 region, where multiple pullbacks were captured in recent weeks.