Tech Recovers While Dow Remains Lower
The Dow is off roughly 200 points midday
The Dow JonesIndustrial Average (DJI) and S&P500 Index (SPX) are both languishing below breakeven at midday -- with the former off roughly 200 points -- amid today's travel sector slowdown. However, a bounce-back for tech stocks has the Nasdaq Composite (IXIC) reversing course higher,with FAANG names Facebook (FB) and Apple (AAPL) both charging toward record highs. Elsewhere, anxieties surrounding potential oversupply and strength in the U.S. dollar is sending oil for July delivery even lower, down 0.6% to trade at $37.98 at lastcheck.
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Semiconductor giant Advanced Micro Devices, Inc. (NASDAQ:AMD) is seeing an unusual amount of bullish activity in its options pits today, with 340,000 calls across the tape so far, triple the intraday average. The weekly 6/12 55-strikecall is the most popular by far, with new positions being opened here. At last check, thechip stock was up 4.4% at $55.37, bringing its year-to-date tally to 20%.
Australia-based Immuron Ltd (NASDAQ:IMRN) is the best performing stock on the Nasdaq so far today, up 248% to trade at $7.30, on an announcement that its partner Naval Medical Research (NMRC) asked for a meeting with the Food and DrugAdministration (FDA) for guidance on phase 2 trials of its new drug preventing acute diarrhea. The stock grabbed a two-year high of $13.64 earlier today, and is pacing for its first close atop the 320-day moving average -- a former area of pressureon the charts -- since February 2019.
Concern over crude oversupply is dragging Whiting Petroleum Corp (NYSE:WLL) to the bottom of the Nasdaq today. The stock is down 26.6% to trade at $2.58 at last check, just one day after gapping atop its 120-day moving average tonotch a five-month closing high of $3.50. Today the equity is back below this trendline, with an attempt to breach it quickly thwarted earlier in the day. For the year, WLL is down 63%.