S&P 500, Nasdaq Pare Losses, Nab Record Highs

Wall Street is hovering near record high levels in a choppy session. The Dow Jones Industrial Average (DJI) was down more than 200 points after the open, briefly pivoted into the black, and was last seen lower again as IBM's (IBM) reportweighs. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) have also pared steeper losses, and earlier secured record highs. Amid the U.S.-Iran impasse, business activity improved in April, with both the S&P Global U.S. flash manufacturing and services purchasing managers' indexes (PMI) topping estimates. 

• Semiconductor earnings powering the sector.
• Airline stockresilient in the face of jet fuel headwinds.
• Plus, weed bulls light up; data center stock up on new lease; and a copper miner in the red.

Tilray Brands Inc (NASDAQ:TLRY) is seeing a surge in options activity today. At last check, 53,000 calls have changed hands, volume that's nine times the average intraday amount and six times the number of puts traded. The May 10 call is the most active, with sell-to-open activity detected there. The equitywas last seen 2.2% lower at $7.70, after the Department of Justice reclassified state-licensed medical marijuana from Schedule I to Schedule III. TLRY initially traded as high as $9.37, but has since pivoted lower. The shares are up roughly 75% in the last 12 months but are 14.7% lower on the year.

Applied Digital Corp (NASDAQ:APLD) stock is up 13.2% to trade at $36.69 at last check, one of the better tech names on Wall Street today. The company signed a 15-year, $7.5 billion AI data center lease with U.S. hyperscaler at Delta Forge 1. Applied Digital stock is trading at its highest level since mid-February and is up 50.5% this year.