Stocks Inch Higher as Dow Looks to Snap Skid

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The Dow is up 68 points midday

The Dow Jones Industrial Index (DJI) is up 68 points midday and on track to snap a three-day losing streak. The blue-chip index was comfortably in triple-digits at its session highs, but has since trimmed those gains amid some lingering investor caution. The Nasdaq Composite (IXIC) and S&P 500 Index (SPX) are both struggling for direction, despite this week’s jobless claims data, coming in at a better than expected 310,000 figure.

An update from Moderna (MRNA) on the development of a combination Covid-19 and flu shot brings good news on the pandemic front, though the economy is far from in the clear. The airline sector is still skittish, with many big names lowering their financial estimates.

Continue reading for more on today’s market, including: 

  • What went wrong with GameStop stock after earnings. 
  • Macy’s stock looks ready to stage a bounce. 
  • Plus, PTON jumps on the athleisure train; upbeat results boost RKLB; and FDA rejects HGEN’s Covid-19 drug. 

Peloton Interactive Inc (NASDAQ:PTON) is up 5% at $102.52 at last check, following news the fitness company will launch a private label clothing brand, Peloton Apparel, starting this fall, with items available online and in stores globally. Options traders are paying attention, with 32,000 calls across the tape — four times the intraday average — compared to 13,000 puts. Most popular is the weekly 9/10 105-strike call, followed by the 100-strike call in the same weekly series, with new positions being opened at both. 

One of the best performing stocks on the Nasdaq today is Rocket Lab USA Inc (NASDAQ:RKLB), which is up 18.8% at $17.98 at last check, after the aerospace company reported upbeat financial results for the first half of 2021, including an impressive 237% year-over-year rise in revenue, and growth margin expansion from a negative 67% to a positive 13%. The stock is up 33% this week, pacing for its biggest one-week jump on record and sixth daily win. RKLB is trading at its highest level since going public last November. 

Humanigen Inc (NASDAQ:HGEN) is one of the worst-performing stocks on the Nasdaq today, last seen down 53.2% to trade at $7.07. Several analysts are issuing bear notes after the U.S. Food and Drug Administration (FDA) rejected emergency use of the company’s Covid-19 drug, lenzilumab. The equity is trading at its lowest level in over a year. The stock has been facing off with pressure from several trendlines, including its 80-day moving average, and now sports a 58.8% year-to-date deficit.