Nasdaq Eyes Weekly Win Streak After Another Record High

While the Dow Jones Industrial Average (DJI) is down triple digits midday, the Nasdaq Composite (IXIC) is soaring, grabbing a fresh record high on the heels of Intel's (INTC) strong quarterly results. Traders are hopeful talks between the U.S. and Iran will resume, with Iranian Foreign Minister Abbas Araghchi reportedly expected to arrive in Islamabad this evening for potential negotiations. Barring a dramatic pivot, the Dow is poised to halt its weekly win streak at three, while the S&P 500 (SPX) and Nasdaq are on track for fourth-straight weekly gains.

• Intel stock on track for best day since 1987.
• Bulls target another chip stock amid halo lift.
• Plus, QCOM options red-hot; gold miner's blowout results; and CHTR's worst day ever.

Qualcomm Inc(NASDAQ:QCOM) is seeing unusual options activity, with 76,000 calls and 17,00 puts exchanged so far today, volume that is eight times the intraday average amount. The expiring weekly 4/24 10-strike call is the most active contract, followed by the 155-strike call, with new positions being opened at both. QCOM is among the chip giants enjoying tailwinds from Intel's (INTC) report, last seen up 7.8% at $144.33, on track for its best single-day percentage gain since October. Shares earlier hit their highest level since February, but still carry a 15.1% year-to-date deficit.

Newmont Corporation (NYSE:NEM) stock is near the top of the SPX today, last seen 6.9% higher to trade at $118.75, after the gold miner announced first-quarter earnings of $2.90 on $7.31 billion, blowing past expectations amid record cash flow. NEM has now cleared a downtrend channel formed off its March 2 all-time high of $255.24. In the last 12 months, shares have added over 113%.