Dow Pivots Lower as Surging Yields Overshadow Earnings

The 10-year Treasury yield surged to its highest level since December 2019

Digital Content Manager
Jan 19, 2022 at 11:49 AM
facebook twitter linkedin


The Dow Jones Industrial Average (DJI) was last seen down 76 points midday, pivoting lower and giving back nearly triple-digit gains from this morning's rally. Weighing on investor sentiment today is a rising 10-year Treasury yield, which earlier surged to its highest level since December 2019, dumping a bucket of cold water on an upbeat earnings report from Procter & Gamble (PG). In response, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) pivoted lower as well. Amidst this choppy price action, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), is heading toward its highest close since Dec. 3. 

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

  • See what has Morgan Stanley stock higher today.
  • Sony stock sinks after a major sector shakeup.
  • Plus, options traders blasting BHC; ZGNX surges on buyout buzz; and CRDF slips below key trendline.

MMC Stats 1119

Bausch Health Companies Inc (NYSE:BHC) is getting blasted in the options pits today, after the biotech company announced it is seeking to refinance its existing credit agreement and conditional redemption of existing notes. Already, 37,000 calls and 3,380 puts have been exchanged, which is seven times what's typically seen at this point. Most popular are the January and February 18 calls, with new positions being opened at the latter. BHC shares are down 3.4% at $25.70, at last check.

Towards the top of the Nasdaq today is Zogenix, Inc.(NASDAQ:ZGNX), last seen up 67.3% at $26.17. Today's bull gap came after Belgium-based biopharmaceutical name UCB announced it will buy the company in a deal worth roughly $1.9 billion, in an effort to expand its rare disease and epilepsy treatment portfolio. ZGNX earlier surged to a roughly two-year high of $26.57.

Cardiff Oncology Inc(NASDAQ:CRDF) is near the bottom of the Nasdaq, last seen down 21.8% to trade at $4.80. The drug stock is dropping despite new data from the company's lead clinical program in KRAS-mutated metastatic colorectal cancer showing a robust objective response rate. CRDF was trading at a two-year low of $4.65 earlier, slipping below support from its 40-day moving average. Year-over-year, the stock has now shed nearly 50%.

CRDF 40 Day

 




 
Special Offers from Schaeffer's Trading Partners