The Dow is over 460 points lower midday
The Dow Jones Industrial Average (DJI) is down 461 points midday, and was off by over 600 points at its session lows, as Wall Street worries over potential rate hikes from the Fed following yesterday's inflation reading. This morning's economic data did little to help sentiment, with initial jobless claims hitting their highest level since November, while disappointing earnings results from Morgan Stanley (MS) and JPMorgan Chase & Co (JPM) added to recession concerns. The Nasdaq Composite (IXIC) is down triple digits as well, while energy and financial sectors weigh on the S&P 500 Index (SPX).
Continue reading for more on today's market, including:
- Tech giant bit by bear note, slowing trends.
- Conagra stock gaps lower after revenue miss.
- Plus, SIX options surge after becoming more inclusive; GOSS extends surge; and NVAX drops on EMA update.
Six Flags Entertainment Corp (NYSE:SIX) is seeing a surge in bullish options today, with call volume running at 16 times the intraday average. The August 22.50 call is the most popular, with new positions being bought to open. The increased activity comes as the amusement park expanded access for guests with physical disabilities and autism. At last glance, the stock was down 2.1% at $20.61, not far from yesterday's 21-month intraday low of $19.87 or its descending 20-day moving average
One stock bucking the broad-market slump today is the Nasdaq's Gossamer Bio Inc (NASDAQ:GOSS), up 12.6% at $10.70. The pharma company announced a $120 million private placement financing, agreeing to sell about 16.6 million common shares. After the news, Raymond James lifted its price target to $14 from $10. Today's positive price action is extending yesterday's 31.9% pop, and the equity is up roughly 78% in the last month.
Meanwhile, one of the worst performing stocks today is Novavax Inc (NASDAQ:NVAX), down 18.3% to trade at $57.15, after the European Medicines Agency (EMA) listed severe allergies as a side effect of the company's Covid-19 vaccine. This news comes just after the U.S. Food and Drug Administration (FDA) granted emergency authorization of the vaccine yesterday afternoon. Year-to-date, NVAX is down 60.7%.