Tech Stocks Drag Nasdaq Below 8K

The Nasdaq is headed toward its worst day in over a month

Managing Editor
Sep 5, 2018 at 12:12 PM
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U.S. stocks are in the red at midday, with the Nasdaq Composite (IXIC) leading the plunge -- pacing for its worst day in over a month and set to close back below 8,000. Tech stocks are weighing heavy as Capitol Hill hosts social media execs, including Twitter (TWTR) CEO Jack Dorsey and Facebook (FB) Chief Operating Officer Sheryl Sandberg, sparking debate over increased regulatory scrutiny.

Meanwhile, the Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) are modestly lower in afternoon trading, as U.S.-Canada trade negotiations resume. Traders are also digesting data that showed the trade deficit surged in July.

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

  • Apple stock lands 2 new price targets
  • Call options are hot on Walmart stock. 
  • Plus, RH stock plunges on earnings; GameStop stock soars to the top of the NYSE; and the software firm spiraling on a weak outlook.

Midday Market Stats Sept 5

One stock seeing unusual options activity today is RH (NYSE: RH). The home furnishings retailer is down 9% at $137.60 at last check, pacing to close below its 50-day moving average for the first time since early April, after the company lowered its full-year revenue outlook. Roughly 11,000 calls and 8,500 puts are on the tape so far, six times the average intraday pace. The weekly 9/7 120-strike put is most active, while traders appear to be purchasing new positions at the weekly 9/7 150-strike call. Even with today's slide, the retailer remains up 57% year-to-date.

Daily Chart of RH with 50MA

Nabbing the top spot on the New York Stock Exchange (NYSE) today is GameStop Corp. (NYSE:GME), as M&A buzz swirls ahead of the company's second-quarter earnings report, which is scheduled for release after the market closes tomorrow, Sept. 6. The shares are up 14.1% at $16.03 -- on track for their best day since October 2008 -- but are trading with familiar resistance near $16.

One of the worst performers on the Nasdaq today is Workday Inc (NASDAQ:WDAY), after the software firm lowered its full-year adjusted operating margin forecast by 3 percentage points. Workday stock is down 7.7% at $144.57 at last glance, retreating from Tuesday's record high.

 

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