Stocks Pummeled as Recession Fears Rattle

The Dow is headed for its worst percentage loss in over a month

Managing Editor
Oct 2, 2019 at 11:48 AM
facebook X logo linkedin

The Dow Jones Industrial Average (DJI) is down over 450 points at midday -- heading for its worst single-session percentage drop in over a month -- as Wall Street extends its brutal start to the fourth quarter. Subpar economic data continues to fuel fears of a recession, this time with the latest ADP employment report signaling a slowdown in private-sector hiring. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also sharply lower, while Wall Street's "fear gauge," the Cboe Volatility Index (VIX), barrels toward its highest close since Aug. 15. 

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

  • Analyst: Coca-Cola will dig into Monster Beverage stock.
  • Bernstein just pumped the brakes on Activision Blizzard stock.
  • Plus, put traders eye United Natural Foods' dismal earnings; JNJ the last Dow stock standing; and Delta Air Lines grounded by weak guidance.

Midday Market Stats Oct 3

One name seeing unusual options volume today is United Natural Foods Inc (NYSE:UNFI), with 4,900 puts crossing the tape so far -- 10 times the average intraday amount, and volume pacing for the 99th percentile of its annual range. Most of this attention is on the October 7.50 put, where new positions are being opened. The shares were last seen down 23.7% to trade at $8.42, after the grocery name reported fourth-quarter earnings and issued guidance below analyst expectations. 

The only Dow stock in positive territory today is Johnson & Johnson (NYSE:JNJ), up 1.6% to trade at $132.13, after the drugmaker settled with two Ohio counties over its role in the opioid epidemic. The company will pay $20.4 million to settle, but avoids a federal trial. JNJ is heading toward its third straight win and has reclaimed its year-to-date breakeven level this week. 

Delta Air Lines, Inc. (NYSE:DAL) is another name trending sharply lower today, down 4.3% at $54.09, under pressure from the airliner's lower-than-expected revenue growth forecast. Delta stock is on track to breach its 200-day moving average on a closing basis for the first time since early June. 

MMC Daily Chart DAL


Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI