Tech Surge Boosts Nasdaq to Record Highs

The S&P 500 is wavering below all-time highs as well

Deputy Editor
May 20, 2024 at 11:48 AM
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The Nasdaq Composite Index (IXIC) is up triple digits and marking new record highs, thanks to rising tech stocks. Nvidia (NVDA), specifically, is in focus as analysts throw in bull notes ahead of this week's earnings report.

The Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) are enjoying more modest gains, though the latter is nearing its own all-time highs. Meanwhile, bond yields are also rising, amid comments from several Fed officials regarding inflation. 

Continue reading for more on today's market, including:

  • Elliott built a $1 billion-plus stake in this electrical stock
  • Morgan Stanley upgrades Micron Technology stock
  • Plus, options traders target HIMS; DYN soars on trial data; and Li Auto's earnings disappoint. 

MMC May20

Options bulls are blasting Hims & Hers Health Inc (NYSE:HIMS), after the healthcare platform added GLP-1 injections to its weight-loss services, a compounded and cheap version of Novo Nordisk's (NVO) semaglutide (the active ingredient in Wegovy). So far, 100,000 calls have been exchanged -- 18 times the call volume typically seen at this point -- in comparison to 26,000 puts. The weekly 5/24 20-strike call is the most popular by far, where new positions are being opened. At last glance, HIMS was up 29.5% at $18.87, earlier hitting a three-year peak of $20.11. 

HIMS May20

Dyne Therapeutics Inc (NASDAQ:DYN) is up 24.5% at $34.46 at last glance, after the biotech reported positive data for its muscular dystrophy treatments. In response, H.C. Wainwright raised its price target to $48 from $36, while Jefferies lifted its price objective to $42 from $36. Today's pop has DYN soaring to record highs, up 157.9% since the start of 2024. 

Meanwhile, the shares of Li Auto Inc (NASDAQ:LI) are trading at 52-week lows, down 14.1% at $21.37, after the China-based electric vehicle (EV) stock's disappointing first-quarter results. On the short sell restricted (SSR) list amid the volatility, LI is down roughly 43% year to date. 

 

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