Dow Off Triple Digits as October Volatility Rocks Wall Street

The debt limit debate continues to stoke investors' anxieties

Deputy Editor
Oct 6, 2021 at 11:56 AM
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Despite yesterday's broader-market rebound, stocks are lower this afternoon as October continues to kick off on a volatile note. Investors are eyeing rising rates, higher inflation, reopening outlooks, and the debt limit debate, while the surging 10-year Treasury yield is putting pressure on Big Tech once again. At last check, the Dow Jones Industrial Average (DJI) sports a triple-digit deficit of around 332 points, though upbeat September ADP employment data is keeping further losses in check. Elsewhere, the tech-laden Nasdaq Composite (IXIC) and S&P 500 Index (SPX) are also swimming in red ink. 

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

  • Why Goldman Sachs downgraded the airline sector.
  • Options traders respond to Constellation Brands' earnings.
  • Plus, AYI surges after earnings; Manchester United stock sinks on stock sale; and 1 streaming name seeing a flurry of call activity.

Midday Market Stats October 6

At the very top of the New York Stock Exchange (NYSE) by a wide margin today is Acuity Brands, Inc. (NYSE:AYI), which was last seen up 12.3% at $198.47. This comes after the industrial technology company reported earnings and revenue for the fiscal fourth quarter that beat Wall Street's estimates. In addition, the company saw a 4% increase in net sales from fiscal 2020, coming in at $3.5 billion for fiscal 2021. Today's positive price action puts Acuity Brands stock well above the 120-day moving average, which it spent much of the last month trading below. Year-over-year, AYI is up 83.6%.

Meanwhile, near the bottom of the NYSE is Manchester United PLC (NYSE:MANU), which was last seen down 14.6% at $16.75 after the soccer franchise reported it will sell a stake in the club. Specifically, the team owners Kevin and Edward S. Glazer are offering 9.5 million shares, which will leave them with a combined 69% stake in the club, following the sale. Today's dip represents the second-largest percentage drop the equity has seen in a single day, leaving MANU just a hair above its year-to-date breakeven level.

Roku Inc (NASDAQ:ROKU) is catching a ton of bullish attention today, with 52,000 calls across the tape so far, which is two times the intraday average and nearly four times the amount of puts traded. Most popular by far is the weekly 10/8 320-strike call, followed by the 315- and 310-strike calls from the same series. Roku stock is up 3.2% at $315.28 at last check, though it remains down 5.3% in 2021. The 20-day moving average has guided the stock lower since late July, though ROKU is contending with the trendline today.   

ROKU Chart October 6

 

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