Stocks Sink Further as Wall Street Bloodbath Continues

The selling comes even as bond yields and inflation cool

by Patrick Martin

Published on Oct 11, 2018 at 12:07 PM

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.

SAGE Therapeutics Stock Hot Ahead of Earnings
The drug name is scheduled to report on Tuesday
Bear Signal Flashing for This Healthcare Stock Before Earnings
At least four analysts have issued price-target cuts on the stock this week
Signal Says This Retail Stock's on Sale
The shares pulled back this week on news of a Levi Strauss IPO
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