Dow Down Triple Digits on Political Uncertainty in Europe

The VIX is set for its biggest one-day jump in more than two months

Managing Editor
May 29, 2018 at 11:52 AM
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The Dow Jones Industrial Average (DJI) has plummeted triple digits as political uncertainty in Italy and Spain continue to weigh on global markets. The blue-chip index's notable losses can also be attributed to underperforming Dow names JPMorgan Chase (JPM) and Goldman Sachs (GS), which are lower with Treasury yields. Also trading in the red are the Nasdaq Composite (IXIC) and S&P 500 Index (SPX), while the Cboe Volatility Index (VIX) -- or Wall Street's "fear gauge" -- is set for its biggest one-day gain since March 22.

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

  • This September 2008 small-cap signal just flashed again.
  • The underperforming airline stock lower on a bear note.
  • Plus, the Apple buzz lifting one tech stock; the Chinese name higher on a big investment; and the plunging drug concern.

Midday Market Stats May 29

Technology developer Universal Display Corporation (NASDAQ:OLED) is seeing a surge in options volume today, with roughly 16,000 calls traded so far -- roughly 10 times the intraday norm. Seeing notable action are the front-month June 110, 115, and 120 calls. OLED stock is 6.7% higher to trade at $106.20, on the rise amid reports that Apple (AAPL) will be moving from LED to OLED screens for its new 2019 iPhone model. Longer term, however, Universal Display stock has been trending mostly lower since mid-January, shedding 37% year-to-date. 

One of the top performers on the New York Stock Exchange (NYSE) is Chinese shipping concern ZTO Express (Cayman) Inc (NYSE:ZTO), with the stock gapping higher after a consortium led by Alibaba (BABA) bought a $1.38 billion stake. In response, ZTO stock is up 9.8% at $21.18, fresh off a record high of $21.70, and 49% higher year-over-year.

One of the Nasdaq's worst performers today is pharmaceutical name T2 Biosystems Inc (NASDAQ:TTOO), despite the company receiving approval from the Food and Drug Administration (FDA) to perform a bacteria detection test in human blood specimens. At last check, TTOO stock was last seen 11.2% lower at $7.88, despite earlier touching a nearly two-year high of $9.05. The drug concern remains 92% higher year-to-date.

Daily Chart of TTOO Since May 2017

 

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