Tech Rally Fizzles as UnitedHealth Props Up Dow

Tech headwinds are blowing today, as investors parse through jobs and retail sales data. The Nasdaq Composite (IXIC) is down 172 points at last look, with Taiwan Semiconductor (TSM) capex concerns dinging a volatile chip sector. The S&P 500 is also in the red, but has bounced off its session lows. The Dow Jones Industrial Average (DJI) and Russell 2000 (RUT) are modestly higher at last look, with upbeat earnings from UnitedHealth (UNH) driving the former. 

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Abbott Laboratories (NYSE:ABT) stock is getting attention from options traders today. At last look, 31,000 calls changed hands, volume that's seven times the average intraday amount and more than triple the number of puts exchanged. The July 105 call leads the charge, with new positions being bought to open. ABT is up 12% to trade at $100, after the medical device maker reported a beat-and-raise for the second quarter. Year to date though, the stock is still down 20%. 

AtaiBeckley Inc (NASDAQ:ATAI) is one of the best stocks on the Nasdaq today, up 33.5% to trade at $7.16. Bloomberg News reported Eli Lilly (LLY) is nearing a deal to acquire the psychedelic drug-maker in a deal valued upwards of $3.8 billion. ATAI is trading at its highest level since 2021, and is heading for its best single-session gain on record. The stock now boasts a 165% year-over-year gain.

Rocket Lab Corp (NASDAQ:RKLB) is on the other end of the aisle, last seen down 9.7% to trade at $68.65. The entire space sector is mired in a deep pullback, with Piper Sandler adding insult to injury by initiating a "neutral" rating last night. Rocket Lab stock is now below its year-to-date breakeven level, and is 54% off its May 27 all-time high of $150.99.