Outperforming Tech Sends U.S. Stocks Higher
Investors have rediscovered their risk appetite as bond yields stabilize
Stocks are comfortably higher in afternoon trading, as bond yields continue to stabilize, and optimism grows surrounding the upcoming U.S.-China trade talks set for Thursday in Beijing. What's more, a big jump from the tech sector has the Nasdaq Composite (IXIC) pushing 0.8% higher, while theDow Jones Industrial Average (DJI) is not far behind, up 197 points at midday.
Continue reading for more on today's market, including:
Red-hot NVDA lands another bull note.Founder and CEO Bernie Schaeffer explains why tech stocks are facing round-number "double jeopardy."Plus, BBBY's options volume surges, and 2 stocks at the top and bottom of the NYSE today.
Retail giant Bed Bath & Beyond Inc. (NASDAQ:BBBY) is sporting unusual options volume today, with roughly 23,000 calls and 22,000 puts across the tape so far. Most active has been the May 15 put and weekly 3/29 19-strike call, where nearly 10,000 total contracts have changed hands.
BBBY shares gapped higher today, up 27% to $17.66, onnews that a proxy fight may break out among three activist investors and the company's board of directors. Myriad analysts have also upgraded the retailer, with today's gains pushing BBBY to its best day in years. Bed Bath & Beyond stock is now up 56% year-to-date.
Cheetah Mobile Inc (NYSE:CMCM) is near the bottom of the New York Stock Exchange (NYSE) this afternoon, down 8.6% at $6.41 after yesterday morning reporting a dismal current-quarter outlook alongside its fourth-quarter beat. CMCM is now back below its 50-day moving average -- a trendline that had only recently emerged as support for the shares. Longer-term, the security has shed 47% over the past 12 months.
Chinese software name LAIX Inc (NYSE:LAIX) is near the top of the NYSE today, last seen 4.3% higher at $9.10 as its post-initial public offering (IPO) lock-up period expires. LAIX is down 27% from its initial public offering (IPO) price of $12.50 back in late September, but has managed to tack on 20% so far this year.