Dow Extends Losses as Oil Prices Resume Climb

Silver, platinum, and wheat are also on the rise

Digital Content Manager
Mar 10, 2022 at 11:53 AM
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The Dow Jones Industrial Average (DJI) is 449 points lower at midday, as oil prices resume their rally, alongside other commodities including silver, platinum, and wheat. The S&P 500 Index (SPX) and the Nasdaq Composite (IXIC) are swimming in red ink as well, as investors digest news that cease-fire negotiations between Russia and Ukraine didn't make much progress.

Worse-than-expected jobs data isn't helping sentiment, and neither is the consumer price index (CPI) for February, which showed inflation at a 40-year high. Elsewhere, the European Central Bank (ECB) announced it expects to cut its bond-buying program in the third quarter, just a week ahead of the highly anticipated Federal Reserve's March meeting. 

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

  • Safety directives blowing tailwinds for Boeing stock.
  • JD stock hit more annual lows after its earnings call.
  • Plus, options traders blast CRWD; unpacking Ebix's quarterly win; and why this apparel retailer is sinking.

MMC Stats 0310

CrowdStrike Holdings Inc (NASDAQ:CRWD) is seeing an unusual amount of options activity today. So far, 74,000 calls and 35,000 puts have already been exchanged, which is 10 times the intraday average. The 3/11 200-strike call is by far the most popular, with new positions being opened there. CRWD was last seen up 14.6% to trade at $194.51, after the company yesterday posted better-than-expected fourth-quarter profits and revenue, as well as an upbeat fiscal first-quarter forecast. The equity is drawing plenty of analyst notes, with an upgrade from BTIG to "buy" from "neutral," as well as four price-target hikes and three-price target cuts. On the charts, the security is eyeing its first close above the 80-day moving average since November.

CRWD 80 Day

One of the best performing stocks on the Nasdaq today is Ebix Inc (NASDAQ:EBIX). The equity was last seen up 33.1% to trade at $42.45, after the software name bested analysts' fourth-quarter earnings and revenue estimates. In turn, Craig-Hallum hiked its price objective to $100 from $75. Shares earlier surged to an annual high of $44.42, and are now eyeing their best single-day percentage gain since November 2020. Year-over-year, EBIX is up 43%.

At the bottom of the Nasdaq is Fossil Group Inc (NASDAQ:FOSL), last seen down 31.1% at $10.02. Today's drop came after the company yesterday posted a dismal 2022 forecast. Shares are now looking to close at their lowest level since January, after the equity yesterday ran into a familiar ceiling at the $14.50 level. Over the last 12 months, FOSL has shed 45.5%.

 

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