Wall Street is extending its post-election rally into a new week. The Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) are on track for their first closes above 44,000 and 6,000, respectively, after scoring new record highs earlier in the session. The Nasdaq Composite (IXIC) is below breakeven midday, however, as traders look ahead to inflation data due out later this week. Elsewhere, gold prices are lower, but Bitcoin (BTC) topped the $82,000 region for the first time today.
Shopify Inc(NYSE: SHOP) is seeing unusual options activity today, with 45,000 calls and 33,000 puts exchanged, volume that is eight times the amount typically seen at this point. Most popular is the November 80 put, where positions are being opened. SHOP is up 4% to trade at $90.62 at last check, on track for its fourth-straight gain ahead of the e-commerce company’s third-quarter earnings report, due out tomorrow before the open. In the last six months, SHOP added 54.8%.Bristol-Myers Squibb Co (NYSE: BMY) stock is leading the SPX today, last seen up 11.6% to trade at of $60.41. Today’s outsized gains come on the heels of rival AbbVie’s (ABBV) schizophrenia drug failure. BMY now sports an 18.4% year-to-date lead, and notched a 52-week high on the news after bouncing off familiar support at the 20-day moving average.
Super Micro Computer Inc (Nasdaq: SMCI) stock is among the worst names on the SPX today. The semiconductor concern is down 11.6% to trade at a fresh 52-week low of $21.68 at last check, and now carries a 48.1% quarter-to-date deficit, as the fallout from its most recent earnings report continues.More By This Author:Blue Chips, S&P 500 Reach Key Milestones
Dow, S&P 500 Eye Best Week Since November 2023
Stocks Snag More Records; Fed Cuts Rates
