Dow Rebound Struggles to Maintain Momentum

All three indexes are heading toward sharp weekly losses

Deputy Editor
Jun 12, 2020 at 11:56 AM
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The Dow Jones Industrial Average's (DJI) wild run out of the gate this morning has lost steam by midday, as the blue-chip index cuts more than half of its gains to trade roughly 170 points above breakeven. The Nasdaq Composite's (IXIC) and S&P 500 Index (SPX) are also retreating, but still holding on to modest midday gains, as Wall Street starts to question whether yesterday's nosedive was just a one-off. Despite today's turn higher, all three indexes are eyeing big weekly losses. Elsewhere, renewed coronavirus anxieties are keeping the weight on black gold, with July-dated crude futures down 1.4% to trade at $35.84 per barrel, at last check.  

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

  • The blue-chip stock trying to brush off a scathing analyst note. 
  • When people can expect Sony's PS5 to hit the shelves. 
  • Plus, puts pop on insurance stock; the China mining stock almost quadrupling; WINS can't explain stock losses. 

Midday Market Stats June 12

American International Group Inc (NYSE:AIG) is seeing an unusual amount of bearish activity in the options pits today. So far, 6,319 puts have crossed the tape -- four times the intraday average -- compared to 3,372 calls. Most popular is the weekly 6/12 33-strike put, which expires later today, with positions being bought to open here. AIG is up 1.9% at $31.89 midday, but sports a 12.9% weekly deficit. 

China Natural Resources Inc (NASDAQ:CHNR) is the best-performing stock on the Nasdaq today, up 292.6% at $3.73 after the mining company was granted a 45-day extension to file its Annual Report on Form 20-F. Out of the gate, CHNR hit a six-year high of $6.04, and is expected to close north of recent pressure at its 120-day moving average for the first time since early January

On the other end of the spectrum is Wins Finance Holdings Inc (NASDAQ:WINS) which has taken its place as one of the worst performers on the Nasdaq, though the China-based financial firm has made an official statement that it is unaware of any material corporate developments that could be moving the stock so drastically. At last glace, WINS is down 32.8% at $33.75, following this week's two-day surge that culminated in Wednesday's 17-month high of $64.35. Despite today's pullback, the security is still up 385% for the week.


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