The Dow is off by more than 200 points this afternoon
The Dow Jones Industrial Average (DJI) is down 215 points this afternoon, as worse-than-expected weekly jobless data and dismal retail earnings reports fuel investor pessimism. The S&P 500 Index (SPX) sports meager midday gains, as it attempts to distance itself from bear market territory, while the Nasdaq Composite (IXIC) has also managed to break into the black. Recession fears continue to swirl, with the most recent selloff spreading to a variety of sectors. In other news, the pace of existing home sales cooled down in April, and now sits at its lowest level since the Covid-19 pandemic began, though home prices remain high amid low supplies.
Continue reading for more on today's market, including:
- Bears corner Under Armour stock after executive shakeup.
- Analyst unsure whether EV giant will meet its delivery goals.
- Plus, KSS puts pop after earnings; Sweetgreens stock bounces from record low; and motorcycle name suspends shipments.
Kohl's Corporation (NYSE:KSS) is seeing unusual options activity today, after the retailer posted first-quarter profits of 11 cents per share -- much lower than Wall Street's estimates of 70 cents per share -- and revenue $3.47 billion, which also missed the mark. The major retailer expects final bids from potential buyers in the coming weeks, a result of heightened pressure from activists to sell, which aided in its decision to lower its full-year earnings forecast, along with inflation and consumer spending power. So far, 66,000 puts and 24,000 calls have been traded, or eight times the intraday average. The July 30 put is the most popular, followed by the May 40 put, with positions being opened at both. Last seen up 3.5% at $44.52, the stock hit a 17-month low of $39.98 earlier. Over the last 12 months, KSS erased 26.5%.
Among the best stocks on the New York Stock Exchange (NYSE) today is Sweetgreen Inc (NYSE:SG). The security is up 12% to trade at $21.48 at last check, though it is still unclear what is driving this bull gap. The shares are bouncing off a May 16, all-time low of $16.19, and could nab their third-straight win, should these gains hold. However, the equity is still struggling with pressure at the 20-day moving average, which began guiding shares lower in early April. Year-to-date, SG remains down 32.2%.
Harley-Davidson Inc (NYSE:HOG) is towards the bottom of the NYSE. The motorcycle name announced earlier today that, due to a parts issue, it will suspend all vehicle assembly and shipments -- with the exception of its LiveWire EV division -- for two weeks. Shares were last seen down 8.3% to trade at $32.78, and earlier fell to a 15-month low of $31.66. In the last 12 months, HOG is down 33.3%.