VIX Pops as Lira Crash Sinks Dow

Turkey's currency touched a record low against the U.S. dollar

Josh Selway
Aug 10, 2018 at 11:49 AM
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U.S. stocks are trading deep in the red today because of geopolitical headwinds. Specifically, a crash in the Turkish lira -- which was escalated by President Donald Trump's tariffs -- is rattling investors, with financial stocks suffering some of the biggest losses. As the Dow Jones Industrial Average (DJI) falls roughly 175 points at the halfway point, the Nasdaq Composite (IXIC) is set to snap its eight-day win streak, and the Cboe Volatility Index (VIX) -- or Wall Street's "fear index" -- is on pace for its best day in over a month.

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

midday market stats august 10

One name seeing notable options trading today is Sony Corp (NYSE:SNE), as speculators bet on more upside for the electronics stock. Intraday call volume is running at twice the average pace so far today. There's unusual volume at the September 55 call, where data suggests bullish traders are buying to open positions. SNE stock hit a 10-year high of $55.82 earlier this week, and was last seen trading near $54.57, up 40% in the past 12 months.

One of the best stocks on the Nasdaq today is Apple supplier Universal Display Corporation (NASDAQ:OLED), thanks to an upbeat quarterly report. The shares have rallied 13.9% to $115.20, on pace for their best close since March. However, the $115-$120 area has stiffly capped the stock's past two breakout attempts, a region now home to the 160-day moving average.

oled stock today

A major loser today is Deutsche Bank AG (NYSE:DB), sinking alongside its banking peers, while a downgrade from Morgan Stanley also weighs. DB shares were last seen down 5% at $11.78, bringing their year-to-date loss to nearly 40%. Despite the sell-off, calls are actually outpacing puts today, with overall options volume already surpassing the daily average.

Editor's note: This article originally misstated the length of the Nasdaq win streak. We regret the error.


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