Dow Drops Triple Digits Amid Rosenstein Rumors, Trade Tensions

The U.S. Deputy Attorney General reportedly resigned

Managing Editor
Sep 24, 2018 at 11:58 AM
facebook X logo linkedin

U.S. stocks are trading significantly lower this afternoon, as the latest round of U.S.-China tariffs take effect, and amid reports that China canceled a round of planned trade talks. In addition, investors are digesting reports that U.S. Deputy Attorney Rod Rosenstein has resigned. The Dow Jones Industrial Average (DJI) is suffering a triple-digit loss, with DowDuPont (DWDP) its worst performer. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also suffering notable losses, while former Dow stock General Electric (GE) plunges to nine-year lows. On the flip side, oil prices continue to soar, with November crude up 2.6% at $72.62 per barrel, at last check, after Organization of the Petroleum Exporting Countries (OPEC) ministers signaled they won't boost production.

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

Midday Market Stats Sept 24

Luxury retailer Michael Kors Holdings Ltd (NYSE:KORS) is sporting unusual options volume today, with 11,000 calls and 3,700 puts traded so far -- 19 times the average intraday pace. It appears one trader is opening a ratio spread at the November 70 and 75 calls, while others are scooping up the November 60 put. KORS stock is down 6.8% at $67.78, at last check, but seems to have found support atop its 200-day moving average. Today's attention stems from a report that the clothing name will buy sector peer Versace for $2 billion. KORS has been moving sideways since touching a three-year high of $75.94 on Aug. 21.

Daily Chart of KORS with 200MA

Canada-based Barrick Gold Corp (NYSE:ABX) is near the top of the New York Stock Exchange (NYSE) today, soaring on news the company has agreed to purchase Randgold Resources for $18.3 billion. ABX is up 6.3% at $11.13, at last glance, set to close above its 50-day moving average for the first time since mid-July. Regardless, Barrick Gold stock remains 23% lower year-to-date, and just touched a two-year low of $9.53 on Sept. 11.

One of today's worst performers on the Nasdaq is broadcasting name Comcast Corporation (NYSE:CMCSA), after news broke of the company's winning $40 billion bid for U.K.-based Sky Plc. CMCSA stock has gapped 7.6% lower to trade at $35.01, on pace for its worst session since late February.


Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI