Stocks Sink Further as Wall Street Bloodbath Continues

The selling comes even as bond yields and inflation cool

Managing Editor
Oct 11, 2018 at 12:07 PM
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Stocks are getting pummeled once more today, despite a pullback in the 10-year Treasury yield and some tame inflation data. The Dow Jones Industrial Average (DJI) is down triple digits, the S&P 500 Index (SPX) is heading toward its sixth straight loss -- extending its lengthiest losing streak since before the 2016 U.S. presidential election -- and the tech sell-off has the Nasdaq Composite (IXIC) on track for back-to-back closes below its 200-day moving average. Elsewhere, the Cboe Volatility Index (VIX) is trading at levels not seen since early April. 

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

  • This FAANG stock was flooded with bull notes. 
  • Weed stock takes a hit after analyst downgrade.
  • Plus, options traders target General Motors; Macy's stock rises with retail; and Celgene stock dips.

Midday Market Stats Oct 11

General Motors Company (NYSE:GM) is seeing unusual options volume today, with 14,000 calls on the tape, 1.3 times the average intraday pace. Most active is the November 35 call, where Trade-Alert indicates new positions are being bought to open. The auto stock is up 0.2% to trade at $32.67 today, but fell to an annual low of $32.12 yesterday, pressured lower by familiar resistance
Macy's Inc (NYSE:M) is up 1.6% to trade at $33.27, one of the better stocks on the S&P 500 today. The broader retail sector is cautiously higher, after Cowen noted that the potential bankruptcy of Sears (SHLD) could benefit major retailers. Macy's stock nabbed an annual high of $41.99 on Aug. 14, but then pulled back to consolidate near its post-earnings bull-gap highs from mid-May. This region is also home to M's 200-day moving average, a trendline with bullish implications.
MMC Daily Chart M


Celgene Corporation (NASDAQ:CELG) is down 3.3% to trade at $81.49. Morgan Stanley chimed in on the biotech sector, saying it does not expect much in terms of third-quarter earnings -- and forecasts little reaction for Celgene stock after the company's results, due before the open on Thursday, Oct. 25.

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