Dow Extends Slides 600 Points at Midday

Weak bank earnings are exacerbating today's losses

Deputy Editor
Apr 15, 2020 at 11:56 AM
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The Dow Jones Industrial Average (DJI) has reversed course from yesterday's gains and is down over 600 points at midday. Today's fall comes as subpar economic data and less-than-stellar bank earnings add to the concern surrounding the coronavirus' economic impact. The S&P 500 (SPX) and Nasdaq Composite (IXIC) are also sharply lower, as investors also unpack a record 8.7% fall in March retail sales. Additionally, oil is in the red at midday, with May-dated crude futures down 3.3% at $19.44 per barrel. 

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

  • Goldman Sachs stock declines after an earnings miss.
  • An encouraging preliminary report boosts TDOC stock.
  • Plus, AT&T call popularity rages; CorEnergy cuts dividend; and PVH stock tanking.

Midday Market Stats April 15

One stock seeing notable options action today is AT&T (NYSE:T). The telecommunications giant was last seen down 2.3% to trade at $30.40. At last check, over 256,000 calls have exchanged hands, nine times the usual intraday amount. The April 31 call is most popular and calls in general occupy the top three contracts today, with new positions being opened at each. T is down 22.4% year-to-date.

One stock sitting near the bottom of the New York Stock Exchange (NYSE) today is Corenergy Infrastructure Trust Inc (NYSE:CORR), up 3.5% to trade at $13.09 at last check. The company cut its dividend by 93%, while D.A. Davidson downgraded CORR to "underperform" from "neutral" and trimmed its price target to $9 from $15. The stock is now back below its 10-day moving average, a trendline that's alternated between support and resistance this year. 

CORR Chart April 15

Also at the bottom of the S&P 500 is PVH Corp (NYSE:PVH), last seen down 12.3% to trade at $42.07, although the catalyst is unknown. The apparel company recently pledged $1 million for COVID-19 relief efforts, despite staring at a 60.1% year-to-date deficit.

 

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