Stocks Volatile As Bond Yields Pull Back

The S&P 500 and Nasdaq are on track to snap their three-day losing streaks

by Patrick Martin

Published on Oct 9, 2018 at 12:10 PM

It's another volatile session on Wall Street today, with the Dow Jones Industrial Average (DJI) exploring a more than 200-point range on both sides of breakeven. At last check, the Dow was trading in positive territory alongside the S&P 500 Index (SPX) and Nasdaq Composite (IXIC), putting the latter two indexes on track to snap three-day losing streaks.

Wall Street is keeping a close eye on the 10-year Treasury yield, which is pulling back from a seven-year high. Traders are also digesting reports that U.S. Ambassador to the United Nations (UN) Nikki Haley will resign at the end of this year.

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

  • Options bears are targeting this FAANG stock
  • Behind the new record low for Snap stock.
  • Plus, put options pop on Foot Locker stock; Starbucks taps a new CFO; and a downgrade sinks Kroger stock.

Midday Market Stats Oct 9

 
Foot Locker, Inc. (NYSE:FL) is sporting unusual options volume today, with nearly 6,400 puts on the tape, eight times the average intraday pace. Most active are the October 42.50 and 47.50 puts, where it looks like speculators are closing a spread that was opened last month. Foot Locker stock gapped lower in late August on a negative earnings reaction, which has created a new layer of resistance near $52.
 
Starbucks Corporation (NASDAQ:SBUX) is up 3.7% today to trade at $58.37. The coffee giant yesterday followed through on its promise of corporate restructuring by naming Patrick Grismer, formerly of Hyatt Hotels (H), as the company's new chief financial officer (CFO). On the charts, SBUX has rallied 23% off its late-June lows near $47, with pullbacks contained by its 30-day moving average. Today's gain takes the stock back above its year-to-date breakeven point.
 
MMC Daily Chart SBUX

 

Kroger Co (NYSE:KR) is toward the bottom of the New York Stock Exchange (NYSE) today, down 5.1% to trade at $27.84, after Deutsche Bank downgraded the grocery chain to "sell" from "hold." The analyst in coverage sees Kroger's attempts to expand its e-commerce business as costly to margins.

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