Stocks have mixed as Treasury yields rise and technology crumbles
The Dow Jones is up 144 points at noon
While the Dow Jones Industrial Average (DJI) is up 144 points this afternoon, the broader market is swimming in red ink, weighed down by plummeting tech stocks. The two S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are lower, after the 10-year Treasury yield hit its highest level since June. Investors envision a drop in Covid-19 cases, with Pfizer CEO Albert Bourla predicting a return to normal in the United States within the year, although vaccines may be needed on an annual basis. The news is boosting travel and the reopening of stocks, while banking and energy stocks were also up.
Read on to learn more about the current market, including:
- The demotion of the analyst sends Altice share annual lows.
- Box stock awesome rally may not be finished yet.
- Plus, RCAT is skyrocketing on the NASA deal; ASLN falls despite positive drug data; and carries the TIGR target amid crypto restrictions in China.
Red Cat Holdings Inc (NASDAQ: RCAT) is the best-performing Nasdaq stock today, rising 58.3% to $ 3.80 for the last time, after its subsidiary Skypersonic was awarded a five-year contract from the National Aeronautics and Space Administration (NASA). The group will provide a drone as well as rover software and support for NASA’s Simulated Mars mission. RCAT is trading at its highest level since mid-July and has reversed resistance on several trendlines, including the 80-day moving average, which first formed in late August.
Aslan Pharmaceuticals Ltd (NASDAQ: ASLN) is one of the worst performers on the Nasdaq. The stock is down 37.9% to $ 2.02 at the last check, although the company reported positive data establishing conclusive proof of concept for its ASLAN004 atopic dermatitis (AD) treatment. The stock is trading below its 320-day moving average, which has helped control most of the pullbacks since November. In the past six months, ASLN has lost 43%
Up Fintech Holding Ltd (NASDAQ: TIGR) Today is experiencing an increase in bearish trading activity, with 21,000 puts traded so far, eight times the intraday average. The most popular is the December 7.50 put, followed by the 10 put of the same series, with new positions opened in both. The stock was last seen down 1% to $ 11.37 as China-based brokerage firms tumble amid even tighter government restrictions on crypto trading. The stock earlier hit a roughly nine-month low at $ 10.81, although it is still up 42.9% in 2021.