Dow, Nasdaq Off Triple Digits as Market Rout Deepens

The S&P 500 is also staring at a notable midday drop

Digital Content Manager
Aug 29, 2022 at 12:07 PM
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The selloff among stocks is deepening as Federal Reserve Chairman's jarring Jackson Hole speech continues to send waves through Wall Street. At last glance the Dow Jones Industrial Average (DJI) is down 222 points, adding insult to Friday's more-than 1,000-point injury. Meanwhile the S&P 500 Index (SPX) is also suffering a notable loss, while the Nasdaq Composite (IXIC) has shed triple digits, with chip stocks leading the tech rout. 

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

  • Netflix shares pricing details for new service. 
  • Where this pharma stock could see some weakness next year. 
  • Plus, PDD pops on earnings beat; NERV extends impressive rally; and AZRE deals with sudden CEO resignation.

midday stats aug 29

Pinduoduo Inc - ADR (NASDAQ:PDD) is seeing a surge in options activity today, with 84,000 calls and 41,000 puts exchanged so far, which is eight times the intraday average. The most popular position is the  weekly 9/2 70-strike call, followed by the September 70 call, with positions being opened at both. PDD was last seen up 24.2% at $71.32 after the China-based e-commerce company posted better-than-anticipated earnings and revenue for the second quarter. PDD is trading at its highest level since late-November, and now sports a 21.3% year-to-date lead.  

Minerva Neurosciences Inc (NASDAQ:NERV) is one of the best stocks on the Nasdaq today, last seen up 24.1% at $12.82. The security has seen some wild price action in the days following the firm's filing of an NDA for its roluperidone treatment in patients with schizophrenia last Monday, Aug. 22. A few days later, Point72 Asset Management disclosed an 8.8% passive stake in the company. NERV staged a rally off the $3, with additional support at the 30-day moving average early last week, and earlier hit an almost 10-month high of $13.38.

nerv aug 29

Azure Power Global Ltd (NYSE:AZRE) is one of the worst stocks on the New York Stock Exchange (NYSE). AZRE was seen down 40.8% at $6.20 at last check, following news that the Indian solar power firm's CEO Harsh Shah has suddenly resigned after taking over the company on July 1. AZRE hit a record low of $5.61 earlier today, breaking down below a recent floor at the $10.50 level. 

 

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