Dow Free Falls Nearly 500 Points at Midday Today

OPEC's historic oil production cut is weighing on Wall Street

Assistant Editor
Apr 13, 2020 at 11:49 AM
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The Dow Jones Industrial Average (DJI) is beginning the week with a sharp loss, down nearly 500 points at midday. Today's fall comes as investors process the historic oil production cut from the Organization of the Petroleum Exporting Countries+ (OPEC+) meeting over the weekend. Last week, the U.S. stock market turned in one of its biggest weekly gains ever, but the COVID-19 pandemic has many fretting about the upcoming earnings season. One silver lining is recent comments from Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, who struck a cautiously optimistic tone on Sunday about the slowing infection rate in the U.S.

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

  • Furloughs tank Disney Stock.
  • AMZN implements "wait list" for online grocery orders.
  • Plus, Peloton calls pedaling in the options pits; a contract drilling company flies high; and RCL continues to tank.

Midday Market Stats April 13

One stock seeing notable options action today is Peloton Interactive Inc (NASDAQ:PTON). The exercise equipment and media company was last seen up 5.1% to trade at $29.70. At last check, over 13,000 PTON calls have been exchanged, double the usual intraday amount. The April 29 call is most popular, and there are also new positions being bought to open at the weekly 4/23 31-strike call. PTON is pacing for its highest close today since Feb. 22.

Sitting at the very top of the New York Stock Exchange (NYSE) this morning is Independence Contract Drilling Inc (NYSE:ICD), up 94.4% to trade at $12.19 at last check. While the catalysts for this rise is unclear, this brings ICD's one-week price increase to more than 518% and quarterly increase of nearly 629%. Last Thursday also marked the first time since early January that ICD has broken above its 100-day moving average.

ICD Chart 2 April 13

Meanwhile, near the bottom of the S&P 500 is Royal Caribbean Cruises Ltd (NYSE:RCL), last seen down 12.3% to trade at $35.26. This spiral comes after news that cruise company's "no sail" order was extended by the Center for Disease Control (CDC). Additionally, Arne Wihelmsen, one of Royal Caribbean Cruise's founders, died on Saturday at the age of 90. All in all, RCL has now racked up a 73.7% year-to-date deficit.

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