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
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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.

 

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