Stocks Set To Snap Selloff, Dow Eyes Triple-Digit Pop

The major benchmarks look set to snap their three-day losing streak today, as investors reassess their anxieties over the fast-spreading omicron variant. The Dow Jones Industrial Average (DJIis headed for a triple-digit pop, last seen up 368 points, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also comfortably higher, as Wall Street targets reopening and travel stocks. Meanwhile, earnings reports from Micron Technology (MU) and Nike (NKE) are also creating tailwinds for their respective sectors.  

midday stats dec 21

General Mills, Inc. (NYSE: GISis seeing a surge in options activity today, with 2,028 calls and 1,595 puts across the tape so far -- double the intraday average. Most popular is the January 2022 70-strike call, followed by the 65-strike put in the same series. GIS was last seen down 4.2% at $64.92 after its fiscal second-quarter earnings of 99 cents per share missed analysts' estimates. The equity has fallen back below its 10-day moving average, which helped it hit a Dec. 17 five-year high of $69.68. 

One of the best performers on the Nasdaq today is Reliance Global Group Inc (Nasdaq: RELI). The equity was last seen up 89.1% at $5.77, as investors respond to upbeat subscription data released by the Telecom Regulatory Authority of India (TRAI) for October. RELI hit a Nov. 23 three-year low of $1.83 but has since distanced itself from the level. Plus, the stock is trading back above resistance at its 200-day moving average for the first time since February.

reli chart dec 21

One of the worst stocks on the Nasdaq is Aldeyra Therapeutics Inc (Nasdaq: ALDX). The security was last seen down 51.1% at $3.49, after the company's dry eye disease treatment failed to meet its end goal in a Phase 3 trial. The news sparked no fewer than seven price-target cuts, the lowest coming from Oppenheimer to $10 from $16. ALDX gapped to its lowest level since May 2020 right out of the gate, and is now down 48.8% for the year. 

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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