Trade fears have once again sparked widespread selling on Wall Street
Stocks are getting blasted at the start of the third quarter, with the Dow Jones Industrial Average (DJI) trading down triple digits today. While renewed trade concerns weigh on investors, the blue-chip index is also getting pressured from retail names Nike (NKE) and Walmart (WMT) -- the two worst Dow stocks so far. The selling is widespread, too, with the S&P 500 Index (SPX) and the Nasdaq Composite (IXIC) also in the red at midday.
Continue reading for more on today's market, including:
- Tesla stock is soaring on Model 3 production news.
- Analyst: There's not much upside for this Amazon victim.
- Plus, options traders bet on more Hershey stock trouble; Sears stock eyes third straight win; and the executive shakeup at MiMedx Group.
One name seeing notable options trading today is Hershey Co (NYSE:HSY). The chocolate maker is down 0.7% at $92.37, after Credit Suisse said the company will be one of the hardest hit by Canada's retaliatory tariffs. Put volume is running at six times the expected pace, thanks to what appears to be the initiation of a long put spread using the July 90 and 90.50 strikes. If this is the case, the trader is expecting more trouble for the chocolate stock in the coming weeks.
One name seeing notable upside today is Sears Holdings Corp (NASDAQ:SHLD), up 0.8% to trade at $2.39. SHLD stock is on track for a three-day winning streak, and has added 5% in the last month. Nevertheless, the shares are still staring up at their 100-day moving average, a trendline that halted an Amazon-related rally in mid-June.
One of the biggest losers on the Nasdaq today is MiMedx Group Inc (NASDAQ:MDXG), after two the biopharm's top executives resigned amid an internal investigation into the company's accounting practices. At last check, MDXG stock was down 34.7% to trade at $4.18, and earlier touched a four-year low of $4.15. This downside is nothing new, however, as the equity has shed 77% since late January.