Dow Plummets on COVID-19 Fears, WBA Earnings

Florida reported record hospitalizations and deaths

Deputy Editor
Jul 9, 2020 at 12:14 PM
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After beginning the day on a quiet note, the Dow Jones Industrial Average (DJI) suffered a sudden and steep plummet, giving back over 460 points by midday. The S&P 500 (SPX) and Nasdaq Composite (NDX) both plunged back into the red, too, with the latter erasing the rise that put the index on track for yet another record close. A disappointing earnings report from Walgreens Boots Alliance (WBA) is discouraging some on Wall Street, while several FAANG names, including Apple (AAPL) are also taking a breather. 

Meanwhile, a record spike in coronavirus-related hospitalizations as well as a record spike in deaths is also shaking up traders. This news is tanking oil, too, as the spike in infections capped signs of demand recovery. At last check, crude for August delivery is down 3.1% at $39.65 per barrel.

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

  • Microsoft stock notched another record high.
  • Alibaba stock extended yesterday's all-time peak.
  • Plus, GLUU's call volume is astounding; CleanSpark's $2.9 million grant; and MHK grapples with fraud allegations.

Midday Market Stats July 9

Glu Mobile Inc. (NASDAQ:GLUU) is seeing a substantial amount of activity in its options pits today, with 51,000 calls crossing the tape so far -- 20 times intraday average -- compared to just 567 puts. The most popular by far is the July 10 call, followed by the 11 call from the same series, with new positions being opened at the former. At last check, the stock is up 5.2% at $10.26 and touched a 15-month high of $10.77 earlier today. 

CleanSpark Inc (NASDAQ:CLSK) is one of the best performers on the Nasdaq after the diversified software and services company was awarded a $2.9 million grant from the California Energy Commission which will be deployed over the next 30 months. CLSK is up 20.5% at $3.74 at last check, and now boasts a three-month rise of 103.5%. Plus, the stock is set to close above its 150-day moving average for the first time in over a year.  

One of the worst performers on the New York Stock Exchange (NYSE) is Mohawk Industries, Inc. (NYSE:MHK), after Deutsche Bank said fraud allegations could have a big impact on the stock if witnesses are able to corroborate. Specifically, a previous logistics business analyst at MHK alleged fictitious sales. Now down 15% at $77.61, Mohawk stock is set to close back below former support at its 80-day moving average for the first time in over a month. For the year, the stock is down 42.7%. 

MHK Chart July 9

 

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