Stocks have reversed their premarket losses, modestly higher midday, and headed for their best week so far this year. The Nasdaq Composite Index (IXIC) and S&P 500 Index (SPX) are eyeing their seventh-straight daily wins and best weekly performances since November, putting them on track to snap their four-week losing streaks. Meanwhile, the Dow Jones Industrial Average (DJI) is pacing for its best week since December.

Options traders are blasting Rocket Lab USA Inc (Nasdaq: RKLB) today, with 154,000 calls and 20,000 puts exchanged so far, which is a whopping 38 times the volume typically seen at this point. Expiring at the close, the August 7 call is the most active contract, with new positions being opened there. RKLB is up 15.8% to trade at $6.78 at last check, blasting out of penny stock territory after the company sent two spaceships to Florida in preparation for a Mars launch. RKLB earlier surged to a fresh 52-week high of $7.10, and now sports a 20.9% year-to-date lead.

Tapestry Inc (NYSE: TPR) is up 2.1% to trade at $40.01 at last check, after the retailer yesterday reported a fiscal fourth-quarter profit beat. TPR also received three-price target cuts, including one from Bernstein to $50 from $48. The retail stock is running into pressure from the 40-day moving average as it bounces off its lowest level since December, and now sports a 16.5% year-over-year lead.

Applied Materials, Inc.(Nasdaq: AMAT) stock is pulling back today, last seen down 3% to trade at $205.44 as a lackluster fiscal fourth-quarter sales forecast overshadows its top- and bottom-line beat for the fiscal third quarter. The chip manufacturing stock is up 26.3% so far in 2024 but is struggling with a new ceiling at the $25 region after rallying from its lowest level since February.

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