Dow, S&P 500 Nab Intraday Highs As Bond Yields Rise

The Dow Jones Industrial Average (DJI) is up 242 points midday, pacing for another record close after earlier setting a fresh intraday high, thanks to a resurgent financial sector. The S&P 500 Index (SPXalso hit an intraday record this morning but has since joined the tech-heavy Nasdaq Composite (IXIC) in the red. Reopening stocks, including energy and travel names, are on the rise as investors continue to brush off Covid-19 fears in the face of the omicron variant, sending bond yields higher for the second-straight session.

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Taiwan Semiconductor Mfg. Co. Ltd.(NYSE: TSMis getting blasted in the options pits today. So far, 108,000 calls and 36,000 puts have crossed the tape, volume that's seven times the intraday average. Most popular is the weekly 1/7 135-strike call, where new positions are being opened, followed by the January 150 call. The stock was last seen up 2.4% at $131.89 and is now eyeing its highest close in just under one year while sporting a 22.4% year-over-year lead. 

Hoth Therapeutics Inc (Nasdaq: HOTHis one of the best stocks on the Nasdaq today, up 107% to trade at $1.45 at last check. This comes after the company released upbeat pre-clinical trial data for its Alzheimer's disease drug HT-ALZ. The stock is now trading at its highest level since June, blowing past long-term pressure at its 60-day moving average after hitting an all-time low of 63 cents on Dec. 29.

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Meanwhile, Avrobio Inc (Nasdaq: AVROis among Nasdaq's worst performers. The stock was last seen down 34% at $2.67 after the gene therapy company said it would scrap its Fabry disease program following disappointing mid-stage clinical trial data, as well as market and regulatory pressures. AVRO earlier hit an all-time low of $2.53 but has been on a steady downtrend since March. 

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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