Dow Sheds 500 Points, Heads for 4th-Straight Weekly Loss

The Fed could implement a 25-basis point interest rate hike this month

Deputy Editor
Mar 4, 2022 at 12:11 PM
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The Dow Jones Industrial Average (DJI) is on track for its fourth-straight weekly loss at midday, last seen down more than 500 points following worrisome Ukraine updates. Specifically, investors were weighing reports of visible smoke coming from a nuclear power plant in Zaporizhzhia, which is the largest in Europe, before Russian forces seized it. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also lower, while pacing for weekly losses of their own.

With Wall Street's attention divided, the markets are brushing aside stronger-than-expected jobs data, with 678,00 jobs added in February. This comes ahead of the Federal Reserve's March meeting, in which the central bank may introduce a 25-basis point interest rate hike.

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

  • Why bulls blasted this semiconductor stock today.
  • Costco stock fell after posting lackluster sales growth.
  • Plus, JWN puts pop after best day ever; strong outlook boosts Sweetgreen stock; and breaking down Vizio's revenue miss.

Midday Market Stats March 4

One stock seeing an unusual amount of options activity today is Nordstrom, Inc. (NYSE:JWN), just one day after shares were pacing for their best day ever on the heels of a beat-and-raise. So far, 36,000 puts and 11,00 calls have crossed the tape, with volume running at four times the intraday average. Most popular is the April 22.50 put, where new positions are being bought to open. JWN was last seen down 6.5% at $24.01, falling back below its 140-day moving average after two closes above it. Year-over-year, Nordstrom stock sports a 32.3% deficit.

JWN Chart March 4

The best performing stock on the New York Stock Exchange (NYSE) is Sweetgreen Inc (NYSE:SG), last seen up 17.9% at $25.18. The restaurant concern posted smaller-than-expected fourth-quarter losses and a revenue win for its first quarterly report since its November market debut, and is brushing off three price-target cuts thanks to a strong revenue outlook. The equity is bouncing off yesterday's record closing low $21.35, but is down 22.1% in 2022.

Vizio Holding Corp (NYSE:VZIO), last seen down 16.7% to trade at $11.03, is one of the worst performing stocks on the NYSE so far today. No fewer than five analysts cut their price targets following the release of VZ's fourth-quarter financial results, which showed revenue falling below Wall Street's expectations. The equity earlier hit an all-time low of $10.88, and is down 43% year-to-date.

 

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