Dow Drops 277 Points, Falls Below 200-Day Moving Average

All 30 Dow components are trading lower at midday as trade tensions once again take center stage

by Emma Duncan

Published on May 3, 2018 at 12:01 PM

The Dow Jones Industrial Average (DJI) is 277 points lower at midday, as anxiety over U.S.-China trade talks keeps buyers at bay. As a result, the Dow is on pace for a fifth straight daily loss, and at risk of closing below its 200-day moving average for the first time since the June 2016 Brexit sell-off. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also lower at midday, despite a handful of upbeat earnings reports.

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

Midday Market Stats May 3

One stock drawing unusual options volume today is motorcycle manufacturer -- and notorious May underperformer -- Harley-Davidson Inc (NYSE:HOG). So far, roughly 15,500 calls have traded -- 12 times what's typically seen at this point in the day. Data from the International Securities Exchange (ISE) confirms that some traders are buying to open the June 40 call. HOG is down 1.4% at $39.66, fresh off a two-year low of $39.34.

One of the top performers on the New York Stock Exchange (NYSE) is Tableau Software Inc (NYSE:DATA), after the firm reported stronger-than-forecast first-quarter earnings. DATA is trading up 6.8% at $90.96, after earlier setting a two-year high of $97.09.

Drug concern Arcadia Biosciences Inc (NASDAQ:RKDA) is one of the Nasdaq's worst performers, with the stock pressured by concerns over an upcoming share offering. RKDA is down 16.6% to $9.59 at last check, working its way back below its 200-day moving average for the first time since March 8, and onto the short-sale restricted list.

Daily Chart of RKDA With 200MA Since May 2017

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