The Dow is is off over 400 points this afternoon
Bitcoin's dramatic dip is spooking speculative traders, and that fear has bled into the rest of the market on Wednesday. The closely watched crypto neared the $30,000 level last night, and continues to nurse sizable losses today. The Dow Jones Industrial Average (DJI) is extending this morning's weakness, last seen off 416 points, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are following suit.
This anxiety has poured even more cold water on badly beaten tech, as one of bitcoin's biggest holders, Tesla (TSLA), dropped over 4% at one point this morning. One silver lining to today's dismal trading is Target's (TGT) blowout earnings report, which included a 23% surge in sales for its first quarter.
Continue reading for more on today's market, including:
- Why Lowe's stock is lagging, despite an earnings beat.
- The latest vaccine update from AstraZeneca, and how it's moving shares.
- Plus, Macy's stock pulls back from post-earnings pop; potential production legislation boosts MOSY; and million-dollar mining investment sinks BTCM.
Macy's Inc (NYSE:M) is seeing a pop in options activity today. So far, 24,000 calls and 15,000 puts have exchanged hands -- double the intraday average. The most popular is the August 20 call, followed by the January 2022 3-strike put, with positions being opened at the former. The equity got a boost yesterday after posting a first-quarter earnings and revenue beat, though it looks like the equity has now erased most of these gains. M was last seen down 5% at $18.16, though the equity still sports a 64% year-to-date lead.
One of the best performing stocks on the Nasdaq today is MoSys Inc. (NASDAQ:MOSY). The equity is up 32.7% at $5.03. Many turned to the semiconductor stock after U.S. Senate Democratic Leader Chuck Schumer revealed revised bipartisan legislation that would put $52 billion into U.S. chip production and research during a five-year timespan, if approved. MOSY turned volatile this week, though it looks to have found footing at the 50-day moving average, which kept a lid on shares for most of April.
One of the worst stocks on the New York Stock Exchange (NYSE) today is BIT Mining Ltd (NYSE:BTCM). The equity is down 18.23% at $11.20 after an announcement that the company will invest a total of $25.74 million in a cryptocurrency mining data center in Texas. BTCM is trading at its lowest level in over three months, facing rejection from its 30-day moving average and guided lower by the 10-day moving average. The stock is off 46.4% in the second quarter so far, though it still sports an impressive 259.9% year-over-year lead.