Tech stocks are taking a hit today
U.S. stocks have retreated as Treasury yields fall once again, reigniting concerns about the health of the global economy. Echoing that, China's industrial profit suffered its biggest drop since 2011, though the U.S. trade deficit shrank in January. Currently, the Dow Jones Industrial Average (DJI) is down more than 150 points at midday, with Microsoft (MSFT) pacing the declining stocks. Meanwhile, a broader tech downturn also has the Nasdaq Composite (IXIC) and S&P 500 Index (SPX) notably lower.
Continue reading for more on today's market, including:
- Which hot stock one analyst is calling a "unicorn."
- The drug stock soaring on an FDA nod.
- Plus, Masco's unusual options volume; and 2 stocks eyeing top spots on the NYSE and Nasdaq today.
Home improvement product manufacturer Masco Corp (NYSE:MAS) is sporting unusual options volume today, with roughly 6,000 calls and 2,000 puts across the tape so far -- 16 times the expected volume. Most active have been the April 38 and 41 calls, as well as the April 28 put, where it appears one trader is opening a spread. MAS is down 0.6% at $38.59, at last check. Masco stock has added 42.8% since its late-December lows, but this week is pulling back to its historically supportive 30-day moving average.
Pitney Bowes Inc. (NYSE:PBI) is up 4.2% at $6.65, at last glance, situated comfortably near the top of the New York Stock Exchange (NYSE). The surge comes on the announcement that PBI will be added to the S&P SmallCap 600. Pitney Bowes stock has dropped 39% in the past year, but is now up 12% year-to-date.
One of the best performers on the Nasdaq today has been shoe wear concern Shoe Carnival, Inc. (NASDAQ:SCVL), after the company reported impressive fourth-quarter earnings. SCVL is now up 21.25% at $36.96, at last check, on pace for its best daily percentage gain since August 2017.