The Dow is down 486 points at midday
Stocks are extending this morning's losses at midday, despite yesterday's historical comeback. The Dow Jones Industrial Average (DJI) was last seen down 486 points, while both the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are back in correction territory, as a rising 10-year Treasury yield plagues technology stocks.
Investors are also monitoring the Federal Reserve's two-day meeting for interest rate hike clues, while keeping an eye on the tensions between Ukraine and Russia, as President Joe Biden discusses next steps with European leaders.
Continue reading for more on today's market, including:
Logitech International SA (NASDAQ:LOGI) is getting blasted in the options pits today. So far, 17,000 puts and 3,401 calls have exchanged hands, volume that's 21 times what is typically seen at this point. Most popular by far is the March 75 put, followed by the February 60 put, with new positions being opened at the former. LOGI is up 2% at $75.91 at last check, after the tech name reported better-than-expected fiscal third-quarter earnings and revenue, while raising its yearly guidance. The shares yesterday fell to a roughly two-year low of $71.11, and have shed more than 33% over the past nine months.
Near the top of the New York Stock Exchange (NYSE) is Bally's Corp (NYSE:BALY), last seen up 24.1% at $36.24. Today's bull gap came after the casino operator received an offer from Standard General to buy all outstanding shares it does not own for $38 per share. BALY has been chopping lower since its March 26, all-time high of $75.41, culminating in yesterday's annual low of $26.18. The 40-day moving average is keeping today's gains in check, and longer term BALY sports a 35.1% year-over-year deficit.
One of the worst stocks on the Nasdaq today is Arteris Inc (NASDAQ:AIP), last seen down 9.6% to trade at $12.30. Though a catalyst for today's negative price action was not immediately available, it could be tied to the broader market's recent volatility. The Wall Street newbie yesterday logged a record low of $11.48, after going public back in October with an initial public offering (IPO) price of $14 per share. Quarter-to-date, AIP is down 41.3%.