Caterpillar, 3M Earnings Drag Dow Below 25,000

The S&P 500 and Nasdaq are lower as chip stocks sell off

Managing Editor
Oct 23, 2018 at 12:13 PM
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It's an ugly day on Wall Street, with the Dow Jones Industrial Average (DJI) down more than 400 points at midday and on track to breach the 25,000 level on a closing basis for the first time since July 12. Weighing on the blue-chip index are negative earnings reactions for Caterpillar (CAT) and 3M (MMM), with results for both firms impacted by President Donald Trump's escalating trade tensions. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are both firmly in the red, as well, as another chip stock sell-off turns up the heat.

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

  • This FAANG stock is sinking on a pre-earnings price-target cut.
  • Analysts continue to pile on struggling eBay stock.
  • Plus, pre-earnings options bulls blast Deutsche Bank; Barrick Gold stays hot; and Nvidia stock breaches a key trendline.

Midday Market Stats Oct 23

Deutsche Bank AG (NYSE:DB) is seeing unusual options volume today. Nearly 19,000 calls are on the tape -- eight times the average intraday volume, and pacing in the 98th annual percentile. Most active is the weekly 11/2 6-strike call, with more than 14,000 options changing hands, and data suggesting buy-to-open activity could be occurring. DB is up 0.2% at $10.74, and the banking institution will report earnings before the open tomorrow, Oct. 24. 

Barrick Gold Corp (NYSE:ABX) is near the top of the New York Stock Exchange (NYSE) today -- up 3.7% to trade at $13.58, as gold prices climb amid today's stock market sell-off. ABX just wrapped up its sixth straight weekly win, and recently climbed past a key trendline. The gold stock has now added 43% since bottoming at $9.53 back on Sept. 11. 

Nvidia Corporation (NASDAQ:NVDA) is taking a big hit today, down 5.9% to trade at $218.62, after UBS trimmed its price target on the chip stock to $260 from $285. NVDA raced to a record high of $292.76 on Oct. 2 after a flurry of bull notes, but has since shed 25%. In fact, today's drop puts NVDA shares on track to close below their 320-day moving average for the first time since July 2015. 

MMC Daily Chart NVDA

 

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