Tech Earnings Prop Up Nasdaq As Bond Yields Rise
The Dow Jones Industrial Average (DJI) is down 260 points midday, as a spike in the 10-year Treasury yield puts pressure on the market, even after a 467,000 rise in payrolls per the January jobs report. Meanwhile, the S&P 500 Index (SPX) is flat at last check, though post-earnings surges from Amazon.com (AMZN) and Snapchat-parent Snap (SNAP) are helping boost the tech-heavy Nasdaq Composite (IXIC) into the black. For the week, all three indexes are on track for their second-straight weekly wins.
Deutsche Bank AG (NYSE: DB) is seeing a surge in bearish options activity, after the European Central Bank's decision to keep interest rates unchanged. Up 3.1% to trade at $15.58 at last check, the stock is trading at a nearly four-year high. So far, 23,000 puts have crossed the tape, in comparison to just 3,004 calls, with put volume running at 26 times what's typically seen at this point. The July 11 put is the most popular by far, with new positions being bought to open.
One of the best performers on the New York Stock Exchange (NYSE) today is Unity Software Inc (NYSE: U), last seen up 16.7% to trade at $108.13. The tech company announced narrower-than-expected fourth-quarter losses per share and a revenue beat, however, no fewer than six analysts chimed in with price-target cuts. Still, down 24.9% year-to-date, pressure from the stock's 20-day moving average looms overhead.
Meanwhile, Vanda Pharmaceuticals Inc (Nasdaq: VNDA) is the worst-performing Nasdaq member today, down 20.1% to trade at $11.70 -- its lowest level since November of 2020. This negative price action comes after the company's stomach paralysis drug failed to meet its main goals in a late-stage trial.
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