As Alphabet (GOOGL) and Microsoft (MSFT) provide post-earnings boosts to the tech sector, the Nasdaq Composite (IXIC) is up 289 points and on the track to snap a three-day skid.
S&P 500 Index (SPX) and Dow Jones Industrial Average (DJI) are also higher. The number of pending home sales in the U.S. fell 8.6% in June, well below analysts' expectations of a 1% decline.
After Enphase Energy Inc (NYSE: ENPH) posted strong second-quarter results and provided third-quarter guidance, options traders are targeting the alternative energy company.
More than five times the intraday average of 17,000 calls and 20,000 puts have been traded so far.
Weekly 26-strike calls and weekly 250 calls, both belonging to the same weekly series, appear to be purchased to open new positions. ENPH will reach $249.54 for the first time in 2022, up 15.3%.
Pzena Investment Management Inc (NYSE: PZN) is one of the best-performing stocks on the New York Stock Exchange (NYSE).
After news that the fund operator will merge into a subsidiary of its parent company, the shares are up 45.7% at $9.38 at last glance. Year-to-date, PZN has risen 4% since April.
Cassava Sciences Inc (NASDAQ: SAVA) shares fell 25.3% to $16.22 following news that criminal investigations are linked to its Alzheimer's drug. SAVA shares have fallen 62.2% in the past year.