Dow Rally Continues, Tech Sector Extends Rebound

This morning's positive price action is extending into the afternoon, with the Dow Jones Industrial Average (DJIlast seen up 576 points. Subsiding anxieties over the Covid-19 omicron variant are keeping the wind at Wall Street's back. Both the S&P 500 (SPX) and Nasdaq Composite (IXIC) are also enjoying substantial midday gains, with the latter seeing strength in the tech sector, specifically among chipmakers. FAANG name Apple (AAPL) also got a boost, after Morgan Stanley raised its price target.

Though investors seem less fearful of omicron, they are now assessing the possibility of a more hawkish stance from the Federal Reserve. There has been indication the central bank could double the pace of the tapering timeline for its asset purchasing program at next week's monthly meeting.

midday stats dec 7

Vinco Ventures Inc (Nasdaq: BBIGis seeing an uptick in bullish options trading today, with calls running at double the intraday average. So far, 81,000 calls have been exchanged, compared to just 6,033 puts. The most popular is the weekly 12/10 3-strike call, followed by the December 5 call. BBIG was last seen up 15.8% at $2.94, likely due to some short squeeze action. Specifically, the 28.58 million shares sold short account for a hefty 32.7% of the stock's available float. Year-to-date, the security has added 114%.

One of the best stocks on the Nasdaq today is Siyata Mobile Inc (Nasdaq: SYTA). The equity was last seen up 155.8% at $7.06 after the company said it received a $1.3 million order for its SD7 ruggedized devices, VK7 car kits, and other products from police and first responders in Europe, the Middle East, and Africa (EMEA). SYTA is now eyeing its highest close since July and cleared several trendlines, including its 80-day moving average, which has served as pressure on the charts since mid-April. 

syta chart dec 7

Insignia Systems, Inc. (Nasdaq: ISIG), on the other hand, is one of the worst-performing stocks on the Nasdaq today. The equity was last seen down 34.2% at $9.90, cooling after yesterday's 204% jump. The surge came on the heels of an announcement that ISIG is looking to explore several options, including mergers, acquisitions, and other transactions to maximize shareholder value. Though the company did not specify their timeline, Insignia was the top trending name on stocktwits.com, as the news garners interest from retail investors.

Disclaimer: Schaeffer's Investment Research ("SIR" or "we" or "us") is not registered as an investment adviser. SIR relies upon the "publishers' ...

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