All three major benchmarks are in the red midday
The Dow Jones Industrial Average (DJI) is down over 150 points midday, led by airline stocks, and ahead of tonight's first debate between U.S. President Donald Trump and Democratic nominee former Vice President Joe Biden, amid continued steps toward a second stimulus package. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also modestly in the red, with all three benchmarks coming off three-straight daily wins. Meanwhile, consumer confidence for September rose to 101.8 from August's 90.1, which is higher than analysts anticipated.
Continue reading for more on today's market, including:
- Big Tech stock highlighted after major outage.
- Retail giant rises on third-quarter outlook.
- Plus, option bulls rush to FIT amid Google buzz; SPRO rises on a bull note; and MYOV plummets after drug trial.
One stock on the New York Stock Exchange (NYSE) seeing notable options activity is Fitbit Inc (NYSE:FIT), up 6.3% at $6.99, nearing its Nov. 1 annual high of $7.26, after news that its $2.1 billion deal with Google is set to be cleared by the European Union (EU). So far, 24,000 calls have crossed the tape -- 25 times what's typically seen at this point. Most popular is the weekly 10/2 7-strike call, where new positions are being opened.
One stock scaling the Nasdaq today is Spero Therapeutics Inc (NASDAQ:SPRO), up 16.1% at $10.79 at last check, after Evercore ISI initiated coverage with a "outperform" rating and $70 price target. Gapping above former pressure at the $9.50-$10 region, SPRO is now up 11.8% year-to-date.
Meanwhile, plummeting on the NYSE, Myovant Sciences Ltd (NYSE:MYOV) is down 22.5% at $16.03. Today's drop comes after the company's cancer drug missed a secondary goal in its late-stage trial. Falling to mid-August levels, MYOV is contending with its 120-day moving average, which, if current losses hold, it will close below for the first time since mid-May.
