Dow Heads for 5th-Straight Weekly Loss

President Joe Biden is looking to revoke Russia's "most favored nation" trade status

Deputy Editor
Mar 11, 2022 at 12:17 PM
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The Dow Jones Industrial Average (DJI) is on track for its fifth-straight weekly loss at midday. Despite sporting a 98-point lead this afternoon, the uncertainty around Russia's invasion of Ukraine, and the subsequent surge in oil and commodity prices weighed on the blue-chip benchmark this week. Meanwhile, the S&P 500 Index (SPX) is hovering near breakeven, while the Nasdaq Composite (IXIC) is firmly in the red, as both indexes head for their second consecutive weekly loss.

In other news, U.S. President Joe Biden is looking to revoke Russia's "most favored nation" trade status, while lawmakers propose to remove the country from the World Trade Organization (WTO). The Senate, meanwhile, passed a $1.5 trillion funding bill, which includes $13.6 billion in aid for Ukraine.

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

  • Analyst thinks it's time to buy this ridesharing name. 
  • Breaking down Toyota Motor's production cut update.
  • Plus, 2 Chinese ride-hailing stocks reeling; and what's driving Pearson stock higher.

Midday Market Stats March 11

Baidu Inc (NASDAQ:BIDU) is seeing an unusual amount of put activity today. So far, 43,000 puts have already been exchanged, which is seven times the intraday average, and nearly three times the amount of calls exchanged. The March 120 put is the most popular, followed by the 130 put in the same series, with new positions being opened there. BIDU was last seen down 8.4% at $123.76, as Chinese regulators continue to pressure ride-sharing companies in the region. Baidu stock is currently trading at its lowest level since October 2020, and sports a 54,4% year-over-year deficit.

BIDU Chart March 11

The best performing stock on the New York Stock Exchange (NYSE) so far today is Pearson PLC (NYSE:PSO). The equity was last seen up 16.9% to trade at $10.16, after it rejected an $8.5 billion possible cash offer from investment firm Apollo (APO), noting it undervalued the company. PSO earlier surged to its highest level since September, with shares now eyeing their best single-day percentage gain on record. Year-to-date, PSO is up 21.3%.

Meanwhile, near the bottom of the NYSE is DiDi Global Inc (NYSE:DIDI), last seen down 38.2% at $2.09. Today's drop came after the ride-sharing company announced plans to suspend its listing in Hong Kong due to its failure to meet Chinese regulators' demands regarding the handling of sensitive user data. DiDi stock, which went public back in June, earlier hit an all-time low of $1.96, and is now down 57.2% in 2022.

 

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