Tech shares are pacing the market sell-off
Stocks are getting hammered again today, with the Dow Jones Industrial Average (DJI) dropping more than 400 points, to put it on pace for its worst day since early October. The selling comes after President Donald Trump suggested a trade deal with China may not happen until after the 2020 presidential election, while his tariff threats toward France are applying additional pressure. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are falling fast too, with heavy losses piling up in the tech sector, as the Cboe Volatility Index (VIX) makes another double-digit percentage move to the upside.
One name seeing unusual options trading is Shopify Inc (NYSE:SHOP), as the shares move up 2.1% to $336.69, moving higher from long-term chart support. The weekly 12/6 series is seeing most of the action, and the 340- and 350-strike calls are leading the way. New positions are opening here, and those buying the contracts are betting on more upside for SHOP through the end of the week, when the series expires.
One of the best stocks today is Audentes Therapeutics Inc (NASDAQ:BOLD), exploding 105% to $58.74, thanks to news Japan's Astellas Pharma plans to buy the gene therapy company for $3 billion. Those who were holding BOLD shares since the start of the year have seen the stock rise 176% year-to-date.
Another healthcare stock making a big move is Cara Therapeutics Inc (NASDAQ:CARA), though to the downside. The biopharma concern is down 27.8% at $18.68 following mixed trial data for the company's anti-itch drug Korsuva. Despite the slide, the shares seem to be finding familiar support near the $17.50-$18 range, which has served as a floor since March.
