Markets
markets
Luke Kawa

Trump Media kicks off election day with huge premarket gains as America’s most popular stock

Even as Monday’s price action included a lot of position squaring on so-called “Trump trades” ahead of the election, shares of Trump Media & Technology Group posted a big 12.4% gain.

That momentum is carrying through to election day, with the stock up double-digits in the premarket. More money has changed hands trading DJT this morning — $340 million and counting, as of 8:45 a.m. ET — than any other US stock.

Most active US securities, premarket 11/5/24
Source: Bloomberg

DJT has been a popular — though potentially flawed and inefficient — stock-market proxy for Trump’s perceived electoral prospects, even as its underlying business continues to hemorrhage cash.

The stock has been volatility epitomized over the past few months, tumbling by 70% from mid-July through late September before surging nearly 325% in a little over a month with some sessions that included monster volumes.

In the options market, the strikes in DJT with the most open interest are 30, 35, and 40. The “max pain” point (that is, the point at which most of the options purchased that expire this Friday would be worthless) is fairly close to where the stock is trading currently.

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Toby Bochan, Luke Kawa
Market Wrap
14h
US stocks close at record highs on US-China trade truce optimism

The S&P 500, Nasdaq 100, and Russell 2000 all started off the week with record highs ahead of a big earnings week, with five of the members of the Magnificent 7 reporting.

Bull
markets
Max Knoblauch

Bullish options flows boost Rivian

EV maker Rivian is up nearly 5% on Monday afternoon as bullish options flows lift the stock ahead of its third-quarter earnings, set to drop next week.

According to Bloomberg, Rivian call options traded outnumber put options more than five to one, for a put/call ratio of less than 0.2 as of 2:38 p.m. ET. That’s significantly less than the 20-day put/call average of 0.4. More than 116,000 call options have changed hands, more than 60% above the full-day average over the past 20 days.

Rivian’s upcoming earnings will measure the automaker’s sales ahead of the expiration of the $7,500 EV tax credit. Since September, Rivian has performed two rounds of layoffs as it seeks to cut costs amid the end of regulatory credits and ahead of next year’s lower-cost SUV launch.

markets
Matt Phillips

Palantir inks defense deal with Poland, touches new intraday high

Palantir Technologies touched a new intraday high of $192.83 early Monday, as the company rode the China trade truce rally in AI tech stocks and retail favorites.

Palantir also signed a new deal to supply the government of Poland with data, AI, and cybersecurity software, according to Bloomberg.

Polish Minister of Defense Wladyslaw Kosiniak-Kamysz and Palantir CEO Alex Karp signed the letter of intent on the deal, about which few details were released. Polish officials did signal that they were interested in Palantir software systems for “battlefield management” and logistics. Up more than 150% this year, Palantir reports Q3 earnings on November 3.

Poland Signs Palantir, Anduril Deals Amid Record Army Spending

Poland Signs Palantir, Anduril Deals Amid Record Army Spending

Polish Minister of Defense Wladyslaw Kosiniak-Kamysz and Palantir CEO Alex Karp signed the letter of intent on the deal, about which few details were released. Polish officials did signal that they were interested in Palantir software systems for “battlefield management” and logistics. Up more than 150% this year, Palantir reports Q3 earnings on November 3.

markets
J. Edward Moreno

Intellia tanks as it pauses late-stage CRISPR gene-editing trials after one patient was hospitalized

Intellia dropped sharply on Monday after it announced that it’s pausing two late-stage CRISPR gene-editing trials because one patient was hospitalized with liver damage.

Intellia had also disclosed in May that a patient had experienced elevated liver enzymes. The news is a major setback for the company, which currently has no products on the market and is working on a one-time treatment for heart and nerve conditions.

The news dragged down other companies working on CRISPR treatments, including Beam Therapeutics Inc, Crispr Therapeutics, Editas Medicine, and Prime Medicine.

markets
Luke Kawa

Gold craters as retail traders pull money from commodity ETFs

As its fierce rally begins to fade, it looks like retail traders are waving au revoir to gold.

JPMorgan strategist Arun Jain noted that retail traders have pulled about $120 million from commodity ETFs as of 11 a.m. ET on Monday, a level that stands in the 0.4th percentile relative to its one-year average. The SPDR Gold Shares ETF is down 2.8% as of 11:53 a.m. ET after suffering its worst loss since April 2013 last Tuesday. That day, retail had pulled just $50 million from commodity ETFs by 11 a.m.

The five-session average daily flows into the product hit an all-time high of nearly $1.1 billion last Monday as gold and silver had effectively become the new meme stocks, displaying strong momentum and heavy options activity.

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