Dow, S&P 500 Slip Further From Record Highs

Stocks are struggling to make another run at record highs at midday, after falling just short in the previous session. The Dow Jones Industrial Average (DJIis down 77 points, extending this morning's losses. Meanwhile, the S&P 500 Index (SPXand the tech-heavy Nasdaq Composite (IXIC) are both muted this afternoon.

Elsewhere, investors are keeping a close eye on the latest Reddit-fueled speculative trading frenzy, after the U.S. Securities and Exchange Commission said on Monday it is monitoring heightened volatility. In terms of economic data, job openings reached a new record of 9.3 million vacancies for April, according to the Labor Department’s latest Job Openings and Labor Turnover Survey (JOLTS).

MMC Stats 0608

One stock getting blasted in the options pits today is Wendys Co (Nasdaq: WEN), last seen up 14.3% at $26.22, after earlier hitting an all-time high of $27.47. Today's massive surge came after the security drew the attention of Reddit's WallStreetBets forum. So far, 65,000 calls and 14,000 have crossed the tape, which is 68 times what is typically seen at this point. Most popular is the monthly June 30 call, followed by the July 30 call, with new positions being opened at both. Digging deeper, the equity is currently eyeing its biggest single-day jump since March 2020, with support from the 40-day moving average. Over the last nine months, WEN has added 20.9%.

One of the best stocks on the Nasdaq today is Clover Health Investments Corp (Nasdaq: CLOV). The security is yet another "meme stock" getting blasted by Reddit traders, with shares up 91.1% to trade at $22.78 at last check, after surging to a record high of $23.69 earlier in the session. Additionally, the equity is on pace for its best day ever, and sixth-straight win. Shares have more than tripled off their May lows near the $6.50 mark, and in the last three months Clover Health Investments stock has added more than 197%. 

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