The ECB cut its economic growth forecast
U.S. markets are being weighed down by a downwardly revised economic growth forecast from the European Central Bank (ECB), which also unveiled a new stimulus plan and said it doesn't expect to hike interest rates until 2020. ECB President Mario Draghi warned of a "period of continued weakness and pervasive uncertainty." As such, the Dow Jones Industrial Average (DJI), S&P 500 Index (SPX), and Nasdaq Composite (IXIC) are all in the red and pacing for a fourth straight day of losses.
Continue reading for more on today's market, including:
- The retailer unraveling on an earnings miss.
- FAANG tailwinds could boost this tech stock, according to analysts.
- Plus, Kroger stock's massive earnings blow; the top stock on the NYSE; and one of Nasdaq's worst performers.
Kroger Co (NYSE:KR) is sporting unusual options volume today, after the grocery chain issued a disappointing full-year outlook. So far, 31,000 calls and 51,000 puts have crossed the tape -- 15 times the expected rate. Most active is the April 23 put, where just over 22,000 contracts have traded. KR is down 10% at $25.49, pacing toward its lowest close since June 2018.
Rosetta Stone Inc (NYSE:RST) is at the top of the New York Stock Exchange (NYSE) this afternoon, after the company reported an impressive fourth-quarter revenue beat. The shares surged to a fresh eight-year high of $22, and were last seen up more than 30% at $20.95. Today's bull gap pushed the stock back above the 160-day moving average, and to a year-over-year surplus of roughly 46%.
Near the bottom of the Nasdaq today is Baozun Inc (NASDAQ:BZUN). Shares of the Chinese e-commerce firm are still reeling from yesterday's fourth-quarter profit miss. BZUN is now 8% lower to trade at $35.77, testing its 20-day moving average.