The Dow is down over 889 points
Selling has intensified on Wall Street, as the Dow Jones Industrial Average (DJI) extends its morning losses, down 889 points at last glance. Meanwhile, the S&P 500 Index (SPX) has finally plunged into bear market territory -- marked by a more than 20% deficit from its January record highs -- while the Nasdaq Composite (IXIC) is down more than 4% at the midway mark. Bond yields are on the rise, and earlier today the 2-year Treasury yield surged above the 10-year rate for the first time since April. This is known as a yield curve inversion, which sparked even more recession fears.
Continue reading for more on today's market, including:
- The crypto landslide is hitting 2 stocks especially hard.
- Which stock is bucking off the broad-market selloff.
- Plus, options bulls brush off HPQ's dip; DAWN doubles on fresh trial data; and SSU hits record low.
There's an unusual amount of bullish options activity surrounding HP Inc (NYSE:HPQ) today. So far, 7,850 calls have crossed the tape, which is double the intraday average, compared to just 1,799 puts. The most popular contract by far is the August 45 call, where positions are being opened. HPQ was last seen down 2.9% at $34.24, getting dragged lower with the broader market. The security has lost 9.9% this year, and is pacing for its first close below the 200-day moving average since October, thanks to a series of bear gaps during the past week.
One of the best stocks on the Nasdaq is Day One Biopharmaceuticals Inc (NASDAQ:DAWN). The security was last seen up 110.7% at $13.95, after the company released upbeat data from its Phase 2 trial for its experimental treatment tovorafenib in children with a brain tumor called pediatric low-grade glioma (pLGG). No approved therapies for pLGG currently exist. DAWN is still down 14.5% year-to-date, and 30.9% year-over-year, though it is set to topple long-term pressure at its 40-day moving average.
One of the worst stocks on the New York Stock Exchange (NYSE) is SIGNA Sports United NV (NYSE:SSU), last seen down 10.3% at $5.34, after earlier hitting a record low of $4.42. While a specific reason for this drop remains unclear, SSU now carries a 36.9% year-to-date deficit, and just came off its seventh-straight weekly loss.