Stocks Climb As Tech Sector Spins Its Wheels

After a brief foray into the red this morning, the Dow Jones Industrial Average (DJIis modestly higher midday thanks to outsized gains from the commodities sector. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also comfortably in the black, despite tech's morning rebound losing some of its steam.

Worse-than-expected private payrolls data has so far kept a lid on any market momentum today. Elsewhere on the data front, the IHS Markit U.S. services purchasing managers index of 64.7 for April topped forecasts, though the ISM non-manufacturing index of 62.7 just missed expectations. 

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Peloton Interactive Inc (Nasdaq: PTONis seeing a surge in option activity this afternoon, after the fitness company recalled 125,000 Tread+ treadmills amid several reports of injuries and one fatality. The news is sinking PTON, which was last seen down 6.9% at $90.03 and pacing for its lowest close since September. The security has been in a downward spiral since early April, after its latest rally attempt was promptly rejected by the 50-day moving average. PTON is off 41.3% in 2021. 

At last check, 32,000 calls and 84,000 puts have crossed the tape so far -- five times the intraday average. The most popular position is the weekly 5/7 80-strike put, followed by the 90-strike put in the same series, with positions being opened at both. 

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Chiasma Inc (Nasdaq: CHMAis one of the best performers on the Nasdaq today, up 46% at $4.14, following the company's first-quarter revenue beat and news that Amryt Pharma Holdings (AMYT) plans on buying the biotech name in an all-stock deal worth $296.7 million. CHMA hit its highest level since mid-February earlier today, toppling recent pressure at the 40-day moving average, which has kept the security in penny stock territory for several months. 

Intrusion Inc. (Nasdaq: INTZis one of the worst performing stock on the Nasdaq today. The equity is down 29.2% at $10.24 at last check, following the firm's first-quarter earnings and revenue miss. The security is now trading at its lowest level in nearly six months, though it still sports a 184% year-over-year lead.

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