Dow, S&P 500 Take A Breather As Bond Yields Fall

The Dow Jones Industrial Average (DJIhas pivoted 400 points lower midday, as Wall Street begins to wonder if the gains wrought from the pandemic recovery are already baked in. While the S&P 500 Index (SPX) logged yet another record high earlier in the day, it too has turned negative and is poised to snap its seven-day winning streak. Elsewhere, the tech-heavy Nasdaq Composite (IXIC) is just barely submerged in red ink. Bond yields are also lower today, with the 10-Year Treasury yield last seen breaching 1.4%. Elsewhere, the Cboe Volatility Index (VIX) was eyeing its highest close in over two weeks.

Midday Market Stats July 6

One stock seeing an unusual amount of call activity today is Atossa Therapeutics Inc (Nasdaq: ATOS), up 17.8% at $6.32 at last check, on news that the company will be included on both the Russell 2000 (RUT) and Russell 3000 Indexes. So far, 75,000 calls have exchanged hands, which is four times the intraday average, compared to roughly 6,000 puts. The two most popular contracts are the July 6 and 7.50 calls, while new positions are being opened at the August 5 call. ATOS is now up 550.6% in 2021, climbing back toward its June 25, three-year high of $9.80.

ATOS Chart July 6

At the top of the Nasdaq, today is Orbsat Corp (Nasdaq: OSAT), last seen up 76.8% to trade at a new all-time high of $9.62, pacing for record trading volume in a single session as social media sites like StockTwits and Reddit clamor over the satellite hardware company. OSAT has added 115.1% over the last month and is on its way to reconciling a mid-May bear gap. 

Meanwhile, Pop Culture Group Co Ltd (Nasdaq: CPOP) is at the very bottom of the Nasdaq today on its third day of trading after going public. The shares are down 32.3% at $36.14 this afternoon, as the China-based hip-hop events company begins to find its footing. CPOP traded as low as $12.26 on June 30 before surging to $78 in the next session.

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