The Nasdaq is heading for its worst day in a month
The Dow Jones Industrial Average (DJI) was last seen around 290 points lower midday, poised for a second-straight day of steep losses. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also deep in the red this afternoon, with the latter poised for its worst day since March 7. The 10-Year treasury yield continues to spike, last seen at 2.65% and near three-year highs. Amidst renewed fears of an aggressive Fed policy this year, Wall Street's "fear gauge," the Cboe Volatility Index (VIX) is headed for its biggest daily jump since Feb. 10.
Continue reading for more on today's market, including:
- An encouraging production update can't save this EV stock.
- One cannabis stock brushing off the broad-market selloff.
- Plus, put traders blast crumbling real estate stock; Kroger stock standing tall; and SHOP in NYSE cellar.
Opendoor Technologies Inc (NASDAQ:OPEN) is seeing an uptick in bearish trading today, as the real estate services stock nurses a 10% deficit, last seen at $7.51. At last check, over 20,000 puts have changed hands, volume that's nine times the average intraday amount. Positions are being bought to open at the most popular contract -- the weekly 4/8 7.50-strike put. OPEN is down 48% in 2022.
Kroger Co (NYSE:KR) stock is also bucking the broad market selloff, last seen up 2.4% to trade at $59.08. The Cincinnati-based grocery giant announced this morning a 'joint e-commerce experience' with Bed Bath & Beyond. Kroger stock is up 30% year-to-date, and scored a record high of $62.58 on March 22.
Among the worst of the worst on the New York Stock Exchange (NYSE) today -- and there's a lot -- is Shopify Inc (NASDAQ:SHOP) was last seen down 8.3% at $644.91. Although there's no specific catalyst, the e-commerce stock now sports a 53.2% deficit year-to-date, with a late-March rally contained by SHOP's descending 50-day moving average.
