Dow Falls Over 360 Points While "Fear Gauge" Surges

Oil prices fell considerably amid renewed lockdowns in Asia

Assistant Editor
Apr 25, 2022 at 12:05 PM
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Anxieties over a slowing global economy are putting even more weight on stocks this afternoon, as investors eye the growing number of Covid-19 cases in China and subsequent selloff for Asian markets. The Dow Jones Industrial Average (DJI) was last seen down more than 360 points, while the Nasdaq Composite (IXIC) and S&P 500 Index (SPX) are both pacing for losses as well. The 10-year Treasury yield and oil prices are cooling, too, and West Texas Intermediate Crude (WTI) last seen trading at just below $96 per barrel. Meanwhile, Wall Street's "fear gauge" -- the Cboe Volatility Index (VIX) -- is trading at its highest level since mid-March, and set for its third-straight daily pop. 

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

  • Behind Coca-Cola stock's post-earnings peak
  • Morgan Stanley sees a pivot for this struggling casino stock. 
  • Plus, put traders blast Comcast before earnings; PSB pops on billion-dollar buyout; and Covid-19 lockdowns dent Schlumberger stock.

Midday Market Stats April 25_2022

Put traders are targeting Comcast Corporation (NASDAQ:CMCSA) ahead of the company's first-quarter earnings report, which is due out before the open on Thursday, April 28. At last check, more than 14,000 puts have been exchanged, which is triple the intraday average. The June 35 put is the most active, followed by the 30 put from the same monthly series. Comcast stock was last seen down 0.7% at $45.07, and now sits more than 10% below its year-to-date breakeven mark.

PS Business Parks Inc (NYSE:PSB) is near the top of the New York Stock Exchange (NYSE) this afternoon, last seen up 12.1% to trade at $188, after agreeing to be acquired by Blackstone (BX) in a $7.6 billion deal. PS Business Park stock earlier came within a hair's breadth of its Jan. 4 all-time high of $189.23, and just crossed back above its year-to-date breakeven level. Year-over-year, PSB stands 17.7% higher. 

Meanwhile, on the other end of the NYSE, Covid-related lockdowns in Shanghai are putting pressure on oil stocks like Schlumberger NV (NYSE:SLB), which was last seen down 7.1% to trade at $38.67. The equity has had a fantastic year so far, standing 27.2% higher in 2022, though it's on track to snap a four-month winning streak. Longer-term, SLB is up nearly 50% in the last 12 months.

SLB Chart April 25

 




 
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