Market Selloff Gains Momentum

Oil futures are joining the broad-market slide

Deputy Editor
Jun 15, 2020 at 12:10 PM
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The Dow Jones Industrial Average (DJI) is still swimming in red ink at midday, piggybacking on last week's dramatic selloff, as fears over a second wave of the coronavirus dampen initial reopening optimism. The Nasdaq Composite (IXIC) and S&P 500 Index (SPX) are following suit, with travel and retail stocks getting hit the hardest. These anxieties are keeping the pressure on oil prices too, with July-dated crude futures down 1.3% to trade a $35.78 a barrel at last check. In other news, the Supreme Court just passed a ruling protecting workers from being fired for being gay or transgender, marking a massive development for gay and transgender rights in the U.S. 

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

midday market stats june 15

Peloton Interactive Inc (NASDAQ:PTON) is seeing an uptick in bullish trading in its options pits today. So far, 52,000 calls have crossed the tape, three times the intraday average, compared to just 5,636 puts. The June 50 call is the most popular, followed closely by the 55-strike call from the same series, with new positions being opened at the latter. Peloton stock is bucking the broad-market selloff , up 6.2% at $50.07 earlier hitting a fresh all-time high of $50.43. 

One of the best performers on the Nasdaq today is Edesa Biotech Inc (NASDAQ:EDSA). The stock is up 148.6% to trade at $7.53, after receiving regulatory approval from Health Canada to initiate a Phase 2/3 trial of its experimental COVID-19 treatment. The stock is set to close atop its 320-day moving average for the first time in over eight months and touched an annual high of $8 earlier today. 

Languishing on the other end of the Nasdaq is freight name CAI International (NYSE:CAI), down 15.7% at $16.33. This comes after the company announced the termination of its formal strategic alternatives review process, as well as a change in leadership in which its Chief Financial Officer, Timothy Page was appointed Executive Vice President and Interim President. Now, CAI is trading back below its 30-day moving average, which caught a pullback last week. 


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