Stocks Head Toward Worst Week Since Early February

China's tariff proposal and a possible government shutdown are weighing on investor sentiment

Mar 23, 2018 at 11:56 AM
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It's been a wild ride on Wall Street today, with the Dow Jones Industrial Average (DJI) exploring a nearly 267-point range on both sides of breakeven. Most recently, the blue-chip index was seen trading lower, as uncertainty surrounding a possible government shutdown after President Donald Trump threatened to veto an omnibus spending bill passed by Congress overnight and China's retaliatory tariff proposal overshadow a positive earnings reaction for Nike (NKE). The S&P 500 Index (SPX) and the Nasdaq Composite (IXIC) are lower, too, with all three indexes pacing for their worst weeks since early February.

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

  • The Dow stock down on disappointing drug data.
  • Analyst: This tech stock can rally another 14%.
  • Plus, General Mills put sellers pounce; Micron stock sinks; and a plunging penny stock.

midday market stats march 23

Among the stocks with unusual options volume today is General Mills, Inc. (NYSE:GIS), with nearly 21,500 contracts traded -- five times what's typically seen. Almost all the action is centered at the April 45 put, and Trade-Alert points to mostly sell-to-open activity. GIS stock plunged earlier this week after the packaged food firm cut its full-year outlook -- but found a foothold near $45 -- and was last seen trading up 1.6% at $45.16.

GIS daily chart march 23

Micron Technology, Inc. (NASDAQ:MU) is a notable decliner on the Nasdaq today, after Citigroup downgraded the chipmaker to "neutral" from "buy" post-earnings, citing concern over falling NAND prices. MU stock is down 4.4% to trade at $56.35 -- and could continue to struggle during next week's trading, as well.

However, the worst stock on the Nasdaq so far today is Sphere 3D Corp (NASDAQ:ANY), after the data storage firm reported its fourth-quarter results last night. Most recently, ANY stock was down 24.9% to trade at $1.32, and earlier hit a record low of $1.25.


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