Dow Drops Triple Digits as Covid-19 Anxieties Resurface

The Covid-19 death toll hit 800,000 in the U.S.

Digital Content Manager
Dec 13, 2021 at 12:16 PM
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The Dow Jones Industrial Average (DJI) has given back its muted morning gains to plunge into the red at midday, last seen down 337 points, as anxieties over the Covid-19 omicron variant resurface. U.K. Prime Minister Boris Johnson confirmed that one patient infected with the strain has died, while the U.S. hit 800,000 Covid-19 deaths yesterday.

These updates are weighing on airline and travel stocks, sending the S&P 500 (SPX) lower, while the Nasdaq Composite (IXIC) is staring at a triple-digit drop this afternoon. Elsewhere, investors are keeping their eyes peeled for any Federal Reserve comments ahead of this week's meeting.

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

  • Peloton responds to "Sex and the City" reboot's plot point. 
  • Digging into 2 Nasdaq-100 newbies
  • Plus, options bears target LYV; acquisition buzz boosts NES; and NISN hits two-year low.

midday stats dec 13

Live Nation Entertainment, Inc. (NYSE:LYV) is seeing a surge in bearish options activity today. So far, 2,995 puts have crossed the tape, which is more than double the 1,236 calls exchanged. The most popular contract is the December 105 put, followed by the 110 put in the same monthly series. LYV was last seen down 4% to trade at $107.39, as it tests the 40-day moving average. Year-over-year, the security is still up over 51%, though.

lyv dec 13

One of the best stocks on the New York Stock Exchange (NYSE) is Nuverra Enviromental Solutions Inc (NYSE:NES). The security was last seen up 93.5% at $2.69, following news that Select Energy Solutions will acquire the company in a deal worth roughly $45 million, which includes the assumption of about $20 million in long-term debt. The security now sports a 30.5% year-over-year lead, and earlier touched a 10-month high of $3.40, toppling long- and short-term moving averages in the process. 

One of the worst stocks on the Nasdaq, meanwhile, is Nisun Internatnal Entpre Dev Group Co Ltd (NASDAQ:NISN). The shares are down 60.9% to trade at of $4.32 at last check, after the company priced its underwritten public offering of 19.25 million Class A common shares at $4 per share. Nisun expects to gross $77 million in proceeds. The equity is down 76.6% year-to-date, and earlier fell to a two-year low of $4.25.

 

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