Stocks are higher at midday as investors attempt to shake off yesterday's selloff. The Dow Jones Industrial Average (DJI) is up 300 points, while the Nasdaq Composite Index (IXIC) is also sporting a triple-digit gain and the S&P 500 Index (SPX) sits confidently higher. Financial stocks are helping lift Wall Street, while Bitcoin (BTC) is boosting crypto-related equities. All three major indexes are heading for weekly losses, however, with the SPX and IXIC on track to snap three-week winning streaks.
Cryptocurrency Robinhood (HOOD) shares are up 12.8% at $107.30, thanks to a halo lift from resurgent Bitcoin (BTC.X). More than 344,000 puts have changed hands, which is seven times HOOD's average daily trading pace. The August 110 call is the most popular contract while the weekly 8/28 110-strike call is trailing close behind.
Circle Internet Group (CRCL) is one of the best performers on the New York Stock Exchange (NYSE) today, last seen up 7.8% to trade at $90.13. The move was triggered by a major acquisition of IBM (IBM)'s blockchain patent portfolio that spans over 680 patent families. Year to date, the equity is up 14%, back near June highs, and extending its rebound off $60.
Alibaba Group Holding (BABA) is trading at $121.20, down 7.2%, one the worst performers on the Nasdaq after the company reported a 75% drop in net profit for its first quarter. The 80-day moving average is keeping losses in check, but the shares are still poised to snap a five-day win streak.
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