All three major benchmarks are pacing for their worst weeks since 2020
The Dow Jones Industrial Average (DJI) is struggling for direction midday. After erasing this morning's losses and briefly climbing into the black, the blue-chip index is back lower at last check. The S&P 500 Index (SPX) has followed the Dow's price action, while the Nasdaq Composite (IXIC) has been stuck firmly in the red.
Netflix's (NFLX) post-earnings bear gap is shoving the tech-heavy index deeper into correction territory, after the streaming concern posted a slowdown in quarterly subscriber growth. The threat of rising interest rates are weighing on Bitcoin (BTC) as well, which fell more than 10% earlier. At last check, all three major benchmarks were pacing for their worst weekly losses since 2020.
Continue reading for more on today's market, including:
- A major setback is pressuring Rio Tinto stock.
- Under Armour stock boosted by Citi bull note.
- Plus, options bears blast UMC; social media traders eye BSFC's surge; and OP sinks to record low.
United Microelectronics Corp (NYSE:UMC) is seeing an influx of put activity today ahead of the tech company's fourth-quarter earnings report, due out after the close on Tuesday, Jan. 25. So far, 18,000 puts have exchanged hands, which is 62 times what is typically seen at this point, compared to just 730 calls. Most popular by a long shot is the July 10 put, where new positions are currently being opened. At last check, UMC is down 0.5% to trade at $11.07, a victim of the broader tech selloff. The shares are now pacing for their fourth-straight drop, but have added 15.6% over the past six months.
Blue Star Foods Corp(NASDAQ:BSFC) is easily the best stock on the Nasdaq today, last seen up 119% to trade at $4.16, though a catalyst for this massive bull gap was not readily available. Social media traders are taking notice, however, given BSFC is among the top five trending names on Stocktwits.com. Shares earlier surged to an two-month high of $6.80, and are now pacing for their highest close since early November. Year-over-year, BSFC is up 127%.
At the bottom of the Nasdaq is OceanPal Inc (NASDAQ:OP). At last check, the equity was down 46.9% to trade at 63 cents, after the company priced its $11.9 million public share offering at 77 cents per share, which is roughly a 35% discount to its last close. Shares earlier fell to an all-time low of 59 cents, and are pacing for their sixth-straight daily drop, and worst day since their November market debut.
