Dow Keeps Tumbling, Nasdaq Set to Snap Win Streak

The VIX is pivoting higher off a two-week low

Deputy Editor
Jun 24, 2020 at 12:14 PM
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The Dow Jones Industrial Average (DJI) is extending its mornings losses to midday, now down over 800 points as the spiking number of coronavirus cases finally starts to shake down Wall Street. The Nasdaq Composite (IXIC) and S&P 500 Index (SPX) are also getting burned by COVID-19 anxieties -- with the former breaching the 10,000 level and set to snap an eight-day win streak -- the index's longest since December. Souring economic sentiment is taking its toll on crude too, with oil for August delivery down 5% at $38.32 per barrel, at last check. On the other hand, the Cboe Volatility Index (VIX) is pivoting higher, just one day after the "fear gauge" index hit a nearly two-week low.

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

  • Winnebago stock sputters out after a "uniquely challenging" third quarter.
  • One analyst sees a lot of promise for Dick's Sporting Goods stock.  
  • Plus, bears climb aboard CCL stock; Hertz stock breaks out on buyout rumors; secondary stock offering tanks BSGM. 

Midday Market Stats Jun 24

Novavax Inc (NASDAQ:NVAX) call traders are targeting the biotech name with gusto today. At last check, 16,000 calls had changed hands, double the average intraday amount and almost four times the number of puts traded. The most popular is the weekly 6/26 80-strike call, where new positions are being opened. At last check, NVAX was up 10% at $76.60, so options bulls are betting on more gains from the drugmaker by the end of the week, when the options expire.

Hertz Global Holdings Inc (NYSE:HTZ) is in the midst of a massive swing upwards amid speculation that a buyout of the rental car company might be on the horizon. The stock is one of the best on the New York Stock Exchange (NYSE) today, up 46.8% at $1.82 at last check -- testing its footing near recent pressure at the 20-day moving average.

One of the worst stocks on the Nasdaq today is BioSig Technologies Inc (NASDAQ:BSGM). The security is down 20.1% at $7.76, following a direct stock offering of 2.2 million shares to several institutional and accredited investors for $17.5 million gross raise. The $8 per share purchase price is an 18% discount to last night's close. BSGM is on pace for its biggest one-day drop in five years, and its first close south of its 50-day moving average since early April. 

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