Stocks Pivot Lower as Big Tech Weighs

The Dow has given back a triple-digit lead

Deputy Editor
Sep 23, 2020 at 11:56 AM
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The Dow Jones Industrial Average (DJI) is giving back its early triple-digit gains, now drifting below breakeven as Big Tech's temperament turns sour and Wall Street shrugs off an upbeat quarterly report from retail giant Nike (NKE). The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also in the red, though "reopening" stocks are paring losses due to U.S. President Donald Trump's announcement that the U.S. will not be following the U.K.'s lead in regard to a second lockdown.

Meanwhile, investors have been unpacking Fed Chair Jerome Powell's second testimony before the House Select Subcommittee. There's also the IHS Markit composite purchasing managers index, which fell to 54.4 in September from 54.6 in August, indicating slower growth.

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

  • Shopify stock slides on data breach buzz. 
  • CUB climbs as takeover talks continue. 
  • Plus, KMX sees weekly options surge; solar stock at multi-year highs; and WVE plummets after discounted share offering. 

mmc stats sep 23

One stock seeing notable options activity is CarMax Inc (NYSE:KMX), up 2.5% at $106.88 at last check, after BofA Global raised its price target to $135 from $130. So far, over 14,000 contracts have crossed the tape -- 13 times the average daily volume and pacing for the 100th percentile of its annual range. The five most active options expire at the end of this week, with new positions being opened at all. The most popular is the weekly 9/25 100-strike put. 

Rising on the New York Stock Exchange (NYSE) today is JinkoSolar Holding Co Ltd (NYSE:JKS), up 11.2% at $30.75 at last check, after the company reported much better-than-expected second-quarter earnings and revenue. Gapping to a fresh five-year high out of the gate today, the equity is up 42.6% year-to-date, having bounced off its 80-day moving average earlier this month.

JKS mmc

Meanwhile, WAVE Life Sciences Ltd (NASDAQ:WVE) is plummeting 32.4% to trade at $10.70 at last check. This steep drop comes after the company announced a $100 million public offering of ordinary shares at $12 per share, a 24% discount to last night's close. Despite today's drop -- on track for its worst day of 2020 -- WVE is up 28% year-to-date.

 

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