Dow, S&P 500 Slip Further From Record Highs

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The Dow is extending this morning’s losses at midday

Stocks are struggling to make another run at record highs at midday, after falling just short in the previous session. The Dow Jones Industrial Average (DJI) is down 77 points, extending this morning’s losses. Meanwhile, the S&P 500 Index (SPX) and the tech-heavy Nasdaq Composite (IXIC) are both muted this afternoon.

Elsewhere, investors are keeping a close eye on the latest Reddit-fueled speculative trading frenzy, after the U.S. Securities and Exchange Commission said on Monday it is monitoring heightened volatility. In terms of economic data, job openings reached a new record of 9.3 million vacancies for April, according to the Labor Department’s latest Job Openings and Labor Turnover Survey (JOLTS).

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

  • Fastly stock is rebounding after a widespread internet outage.
  • Analysts showered SFIX with bull notes following its earnings beat.
  • Plus, 3 stocks getting impacted by the raging “meme stock” craze.

One stock getting blasted in the options pits today is Wendys Co (NASDAQ:WEN), last seen up 14.3% at $26.22, after earlier hitting an all-time high of $27.47. Today’s massive surge came after the security drew the attention of Reddit’s WallStreetBets forum. So far, 65,000 calls and 14,000 have crossed the tape, which is 68 times what is typically seen at this point. Most popular is the monthly June 30 call, followed by the July 30 call, with new positions being opened at both. Digging deeper, the equity is currently eyeing its biggest single-day jump since March 2020, with support from the 40-day moving average. Over the last nine months, WEN has added 20.9%.

One of the best stocks on the Nasdaq today is Clover Health Investments Corp (NASDAQ:CLOV). The security is yet another “meme stock” getting blasted by Reddit traders, with shares up 91.1% to trade at $22.78 at last check, after surging to a record high of $23.69 earlier in the session. Additionally, the equity is on pace for its best day ever, and sixth-straight win. Shares have more than tripled off their May lows near the $6.50 mark, and in the last three months Clover Health Investments stock has added more than 197%. 

Meanwhile, at the bottom of the New York Stock Exchange (NYSE) today is RA Medical Systems Inc (NYSE:RMED). The security is down 17.4% at $7.55 at last check. The stock looks to be one of the latest victims of speculative trading. Shares reached an annual high of $9.80 in the previous session, with support from the ascending 10-day moving average. While the equity is pulling back today, RMED still sports a 128.8% month-to-date lead.