Stocks Extend Rebound Off Mid-September Rout

Stocks are extending their rally midday, with the Dow Jones Industrial Average (DJI) last seen up 195 points, while the Nasdaq Composite (IXIC) also sports a triple-digit gain at last check. The S&P 500 Index (SPX) is also getting a lift, although the 10-year Treasury yield remains volatile today.

The British pound is also seeing a slight rally off its record lows, giving the global market a much-needed boost. Cryptocurrency is following the bounce in equities, with Bitcoin (BTC) last seen up roughly 5%. On the data front, home prices saw their fastest drop on record in July, per S&P CoreLogic Case-Shiller Indices, but still sit well above year-over-year levels. 

mmc sept 27

Carnival Corp (NYSE: CCLis seeing a surge in bullish options activity this afternoon, with 29,000 calls exchanged, volume that's double the intraday average. The two most popular positions are the weekly 9/30 9.50-strike call and the weekly 10/7 10-strike call, with new positions being bought to open at the latter. CCL was last seen up 4.9% at $9.34 as investors look ahead to the cruise company's fiscal third-quarter earnings report due out before the open on Friday, Sept. 30. News that Canada would drop its Covid-19 travel restrictions in October is also giving the broader sector a boost. CCL has shed 53% this year, with its most recent rally attempt rejected by the 100-day moving average. 

ccl sept 27

One of the best-performing stocks on the Nasdaq today is Beauty Health Co (Nasdaq: SKIN), up 12% to trade at $11.65 at last check in the wake of a $200 million buyback program. Prior to today, SKIN was dangerously close to its May 12 record low of $9.94.Year-to-date, the equity remains down 51%. 

One of the worst-performing stocks on the Nasdaq today is Silo Pharma Inc (Nasdaq: SILO). The equity was last seen down 17.3% to trade at $5.59 after the company announced an uplisting Nasdaq Capital Market, as well as the pricing of $5 million public offering of common stock. SILO traded as high as $12 to start the month but is now retesting its July 6 record low of $4.46.

More By This Author:

Stocks Lose 5 Straight; Dow In Bear Market
Nasdaq Trying For Midday Comeback As Tech Strengthens
Dow Logs Nearly 2-Year Low, Steep Weekly Loss

How did you like this article? Let us know so we can better customize your reading experience.


Leave a comment to automatically be entered into our contest to win a free Echo Show.