SPX, Nasdaq Score New Highs Thanks To Strong Earnings

Wall Street is getting a major boost from earnings season once again, with the flurry of upbeat reports helping overshadow a lackluster third-quarter gross domestic product (GDP) reading. The Dow Jones Industrial Average (DJI) is up around 180 points this afternoon, thanks to a top-line beat from blue-chip drugmaker Merck (MRK). Meanwhile, the S&P 500 Index (SPXand Nasdaq Composite (IXIC) both have hit new intraday record highs and are heading toward record closes.

Midday Market Stats October 28

Lucid Group Inc (Nasdaq: LCID) is seeing a surge in options activity today, with 434,000 calls and 96,000 puts exchanged so far, volume that's eight times the intraday average. The most popular by a wide margin is the weekly 10/29 30-strike call, where new positions are being bought to open. Last seen up 15.4% to trade at $31.16, the electric vehicle maker has been soaring on the charts since delivering on an electric vehicle to rival Tesla (TSLA), with the company's Air Dream Edition sedans turning in a 520-mile range. Year-to-date, Lucid Group stock is up 212.6%.

At the top of the Nasdaq, today is Digital Brands Group Inc (Nasdaq: DBGI). The company this morning launched its clothing line DSTLD's products on Amazon Prime. Further, Digital Brands is launching an affiliate program to increase its brand awareness and reach exponentially. The stock is up 65.7% at $5.02, at last check and earlier surged above the $6 level for the first time since July. Over the last month, Digital Brands stock has tacked on nearly 80%.

Near the bottom of the Nasdaq is Futu Holdings Ltd (Nasdaq: FUTU), which was last seen down 17% at $55.66. The China-based online broker is seeing its New York-listed shares tumble after China's central bank warned that the company might not be acting within the confines of the law by serving Chinese clients via the internet -- a result of a new data-privacy laws. Futu stock is now trading at its lowest level since January, sporting a 25% year-to-date lead. Meanwhile, the 320-day moving average -- which acted as support in late September, could emerge as resistance going forward.

FUTU Chart October 28

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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