Dow Drops 430 Points; Trade War, Tech in Focus

Facebook stock continues to fall, despite a Zuckerberg apology

Managing Editor
Mar 22, 2018 at 11:59 AM
facebook twitter linkedin


Stocks are drastically lower at midday, with the Dow Jones Industrial Average (DJI) and Nasdaq Composite (IXIC) both down triple digits. The tech sector continues to struggle, with Facebook (FB) stock deep in the red, despite CEO Mark Zuckerberg's apology over the Cambridge Analytica scandal. Traders are also anxious ahead of the White House's plan for tariffs on China, expected later today. The S&P 500 Index (SPX) is also lower on concerns about a global trade war, while Wall Street's "fear gauge" -- the Cboe Volatility Index (VIX) -- has skyrocketed 23%.

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

  • The biotech stock bursting after the congressional spending bill.
  • Analysts continue to love this online travel stock.
  • Plus, Darden's unusual options volume; and 2 retail stocks making big post-earnings moves.

Midday Market Check March 22

On the list of stocks with unusual options volume today is restaurant chain parent Darden Restaurants, Inc. (NYSE:DRI), with roughly 3,900 put contracts traded --  21 times what's typically seen at this point in the day. Most of the action is attributable to post-earnings activity at the April 80 and 90 puts. At last check, DRI stock was down 7% at $86.82, gapping below the recent support of its 80-day moving average.

Daily Chart of DRI with 80 MA

The top performer on the New York Stock Exchange today is retailer Guess?, Inc. (NYSE:GES). Shares of GES are up 24.4% at $19.31, and earlier peaked at $19.78 -- a fresh two-year high -- after the clothing concern reported a fourth-quarter revenue beat. In response, Jefferies and Telsey Advisory Group hiked their price targets to $17 and $18, respectively. 

One of the worst stocks on the Nasdaq today is fellow retail concern G-III Apparel (NASDAQ:GIII). The sudden fall comes after the company issued a disappointing sales forecast in reaction to the Bon-Ton bankruptcy. At last check, GIII stock was trading 12% lower at $33.03.

Celebrate 40 Years of Schaeffer's With 4 FREE Stock Picks!


 




 
Special Offers from Schaeffer's Trading Partners