Nasdaq Drops Triple Digits as Bond Yields Soar

Oil prices hit their highest level since 2011

Deputy Editor
Mar 3, 2022 at 12:13 PM
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The Dow Jones Industrial Average (DJI) is down 127 points this afternoon, erasing its premarket gains as oil prices hit their highest level since 2011 amid the Russia-Ukraine crisis. The S&P 500 Index (SPX) and the Nasdaq Composite (IXIC) are also swimming in red ink, with the latter sporting a triple-digit loss as the 10-year Treasury yield charges higher.

Some analysts are speculating the market has already hit its bottom for 2022. However, the war in Ukraine and upcoming interest rate hikes has some wondering if volatility is here to stay.

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

  • Best Buy stock pops on dividend hike.
  • Upbeat full-year forecast boosts Gogo stock.
  • Plus, EV maker rolls back prices; Kroger stock surges on earnings win; and unpacking BJ's revenue miss.

Midday Market Stats March 3

One stock seeing an unusual amount of options activity today is Rivian Automotive Inc (NASDAQ:RIVN), after the company rolled back price hikes on electric vehicles ordered before March 1, following customer backlash. The carmaker had increased prices 20% due to inflation and higher costs. So far, 78,000 puts and 45,000 calls have exchanged hands, with total volume running at triple the intraday average. Most popular is the 3/4 50-strike put, followed by the 44-strike put in the same series, with new positions being opened at both. RIVN was last seen down 3.2% at $51.85, with the $50 level stopping more significant losses for the second time this year. Still, RIVN has shed more than 50% in 2022.

RIVN Chart March 3

Kroger Co (NYSE:KR) is stepping up as one of the New York Stock Exchange's (NYSE) best performing stocks today. Kroger stock was last seen 9.5% higher to trade at $54.08, after the grocery chain operator reported fourth-quarter earnings and revenue that beat analysts estimates. KR earlier nabbed an all-time high of $55.50, and boasts a year-over-year lead of 64.1%.

Meanwhile, near the bottom of the NYSE is BJs Wholesale Club Holdings Inc (NYSE:BJ), last seen down 12.4% to trade at $57.72. The discount retailer missed fourth-quarter revenue estimates, though it announced it will open four new wholesale clubs. BJ earlier fell to its lowest level since October, and now sports a 14.4% year-to-date deficit. 

 

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