Dow Up Triple Digits, Hits Fresh Highs
Dow Jones Industrial Average reaches new highs, alongside S&P 500 and Nasdaq Composite. Nvidia surpasses Amazon in market value. Arm Holdings and CymaBay Therapeutics experience significant stock gains. Big Lots faces financing challenges and records worst day in four years.
Stocks are on the rise today, as investors turn towards tomorrow's inflation data. The Dow Jones Industrial Average (DJI) is up triple digits, extending last week's record highs alongside the S&P 500 Index (SPX), while the Nasdaq Composite (IXIC) has started to creep up on its all-time highs as well. Meanwhile, Nvidia (NVDA) just surpassed Amazon.com (AMZN) in market value as the stock hits new heights.
Continue reading for more on today's market, including:
- Analyst bullish on Rocket Lab after million-dollar award.
- Why Barclays downgraded this electric vehicle (EV) stock.
- Plus, options traders target ARM; CBAY hits record highs; and BIG heads for worst day since 2020.
Arm Holdings PLC (NASDAQ:ARM) is extending last week's post-earnings record highs, last seen up 34% at $154.38. The stock is the most popular amongst options traders today amid the price action, with 212,000 calls and 148,000 puts exchanged so far, which is already 3.4 times the average daily options volume. The February 150 call is the most active, with new positions being opened there as well as the following top 30 contracts.
CymaBay Therapeutics Inc (NASDAQ:CBAY) is gapping to record highs today, after news that Gilead will acquire the company for $4.3 billion, giving it access to its experimental liver disease treatment. At last check, CBAY was up 24.9% at $32.09. Over the past 12 months, the equity is up 283.5%.
The New York Stock Exchange's (NYSE) Big Lots Inc (NYSE:BIG) is headed for its worst day in four years, after reports of the discount retailer seeking financing after continuous losses. Last seen down 25% at $4.02, the equity is nearing its Nov. 10 record low of $3.47. Year over year, BIG is down 75%.