Week Off to a Rocky Start as Dow Extends Morning Rout

The early August rally markets were seeing appears to be over

Digital Content Manager
Aug 22, 2022 at 11:54 AM
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The major indexes are eyeing even more volatility as Monday's session wears on, with the Dow Jones Industrial (DJI) last seen 477 points lower, while the Nasdaq Composite (IXIC) and the S&P 500 Index (SPX) are both down more than 1% midday. Wall Street's  "fear gauge" -- the Cboe Volatility Index (VIX) -- on the other hand, has jumped to its highest level in over two weeks.

Focus is on Federal Reserve Chairman Jerome Powell's upcoming speech at the annual Jackson Hole symposium this Friday, as investors anticipate increasingly hawkish comments from the central bank leader. Tech is getting hit especially hard this afternoon, with the fear of more interest rate hikes looming large. Meanwhile, Bitcoin's (BTC) value briefly dropped back below $21,000 early this morning, though it cut some some these losses and was last seen back above the level, and off roughly 1.2% at last glance. 

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

  • This analyst isn't holding out hope for a NFLX bounce. 
  • The oil giant taking a breather after last week's Buffett buzz
  • Plus, options bears circle FSLY; AKLI surges on Wall Street debut; and AMC gaps lower.

mmc stats aug 22

Fastly Inc (NYSE:FSLY) is seeing a surge in bearish options activity today, with 6,114 puts across the tape so far, which is six times the intraday average, and more than four times the number of calls exchanged. The most popular position by far is the weekly 8/26 9-strike put, where positions are being bought to open. FSLY was last seen down 4.7% at $9.86, following news that last week the company's CEO sold 18,652 shares of Fastly stock at $11.97 for $223,264.44. FSLY has shed 71.7% in 2022, and today's tumble puts the shares dangerously close to their May 12 record low of $9.50. 

One of the best performing stocks on the Nasdaq today is Social Capital Suvretta Holding Corp I (NASDAQ:AKLI). The equity was up 41.4% at $19.90 at last check, after the stock began trading on the Nasdaq today, following Alkili's merger with Social Capital Suvretta. AKLI earlier hit a high of $37.58 on the charts. 

AMC Entertainment Holdings Inc (NYSE:AMC) is one of the worst stocks on the New York Stock Exchange (NYSE) today. The security was last seen down 38% at $11.20, after the company's new Preferred Equity Units (APE) started trading on the NYSE at this morning's open. Shares were already tumbling ahead of the bell, breaching recent support at the 40-day moving average at the open. AMC earlier hit its lowest level since late-May, and is now down more than 66% in the last 12 months. 

amc aug 22


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