Dow Slumps Further on Fresh Trade Tensions

A number of retailers are making huge moves, as well

by Josh Selway

Published on May 31, 2019 at 12:06 PM
Updated on Jun 24, 2020 at 10:16 AM

Stocks are selling off today, with the Dow Jones Industrial Average (DJI) down 217 points and set for its first close below the 25,000 mark since January. The risk-off approach comes after President Donald Trump announced Mexico as his latest tariff victim, putting intense pressure on auto stocks in particular. The energy and tech sectors are also seeing notable losses once again, as well. While the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) follow the Dow deep into the red for the week and month, the Cboe Volatility Index (VIX) is moving higher.

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

midday market stats may 31

There's unusual options trading on Target Corporation (NYSE:TGT) today, as speculators wager on a move lower. Specifically, there's heavy activity at the June 80 put, and data points to buy-to-open activity. TGT was last seen trading right near the strike at $80.34, as it tries to hold the gains from its post-earnings bull gap.

Retail stock Williams-Sonoma, Inc. (NYSE:WSM) is one of the best performers today, trading up 12% at $57.77, thanks to the company's first-quarter profit beat and upwardly revised full-year forecast. However, the shares have seemingly stalled out near the $60 level that has served as a pivotal price point in the past year, while hovering right near the 200-day moving average.

wsm stock price may 31

Meanwhile, fellow retailer Gap Inc (NYSE:GPS) is getting crushed, trading at three-year lows, last seen down 11.2% at $18.29 due to weak same-store sales. A number of negative analyst notes have poured in, too, following what the company called a "extremely challenging" environment in the first quarter.

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