Dow Drops 700 Points as Wall Street Awaits Stimulus Bill

Unlimited support from Fed not enough to quell market confusion

Deputy Editor
Mar 23, 2020 at 11:59 AM
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After making an attempted rebound  following a "limit down" this morning, rising after the Federal Reserve announced new measures to help markets against the COVID-19, the Dow Jones Industrial Average (DJI) is down over 700 points as investors wait for Congress to agree on a stimulus bill, and earlier hit a fresh three-year low. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also in the red midday, though Treasury Secretary Steven Mnuchin says congress is nearly in agreement on the stimulus package, and "we need to get this deal done today."

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

  • Boeing stock comes out of a deep slump .  
  • FAANG giant that just canceled its device limit.
  • Plus, INST’s unusual options; the medical equipment stock seeing a surge; and the tumbling marketing stock.

mmc stats chart mar 23

One stock sporting unusual options volume today is Instructure Inc (NYSE:INST), last seen up 0.4% to trade at $49.02. So far the software company has had 3,476 puts across the tape so far, 40 times the expected rate. Most popular by far is the November 45 put, where new positions are being opened. The reason behind the options surge is unclear, but D.A. Davidson cut INST stock to "neutral" from "buy" and lowered its price target to $49 from $56. The equity has just broken above its year-to-date breakeven mark.

Topping the Nasdaq today is Inogen Inc (NASDAQ:INGN), up 19.4% to trade at $47.76 at last check. After hitting a four-year low on March 18, the medical equipment name is making gains, now breaking above its 60-day moving average. However, the security remains  down 26.2% year-to-date.

Daily INGN with 60MA

Global Partners LP (NYSE:GLP) is situated near the bottom of the New York Stock Exchange (NYSE) today, down 19.3% to trade at $8. The logistics and marketing name has found itself near the bottom of a month-long selloff, recently hitting 11-year lows and now sports a 58% year-over-year deficit. 

 

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