Dow, S&P 500 Surge To Record Levels

The major benchmarks brushed off disappointing economic data -- including worse-than-expected second-quarter gross domestic product (GDP) -- to nab record levels this afternoon. The Dow Jones Industrial Average (DJI) is in the midst of a triple-digit pop, rising over 178 points to a new intraday record high, while the S&P 500 Index (SPX) also locked in record peak of its own. Meanwhile, the Nasdaq Composite (IXIC) is more muted at midday, though remains a chip-shot from record close ahead of Amazon.com 's (AMZN) earnings report.

Midday Market Stats July 29

Call traders are bombarding Zoom Video Communications Inc (Nasdaq: ZMtoday, which was last seen 4% higher to trade at $384.10 after an upgrade to "overweight" from Keybanc. So far, 98,000 calls have crossed the tape -- eight times the intraday amount -- alongside 18,000 puts. The most popular contract by far is the weekly 7/30 40-strike call, followed by the 380-strike call from the same series, with new positions being opened at both. Though a far cry from its Oct. 19, all-time high of $588.84, Zoom Video stock still remains up 53% year-over-year. In addition, the 100-day moving average, which put pressure on the shares in March, caught a slight pullback earlier in the month. 

ZM Chart July 29

The best performing stock on the New York Stock Exchange (NYSE) today is LendingClub Corp (NYSE: LC). The security was last seen up 44.4% to trade at $23.52, after a surprising second-quarter profit to pair with revenue that quintupled year-over-year. LendingClub stock earlier hit the $24 mark, a ceiling that's put pressure on the shares since a 2017 bear gap pushed the security below that level. Year-to-date, LC is up 124.1%.

Meanwhile, Citrix Systems, Inc. (Nasdaq: CTXSis towards the bottom of the Nasdaq, last seen down 15.3% at $97.04, after the tech company's second-quart revenue missed forecasts. The bear gap has the security trading at its lowest level since October 2019. CTXS now sports a 30.7% year-over-year deficit.

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