The Dow was last seen down 443 points
Concerns that the Fed might have gone too far with its most recent rate hike are traveling through Wall Street and putting even more weight on equities today. The Dow Jones Industrial Average (DJI) was last seen down 443 points, breaking down past both its June closing low and the psychologically-significant 30,000 level. The Nasdaq Composite (IXIC) and S&P 500 Index (SPX) have both shed more than 1.5% at last check, the latter crushed after Goldman Sachs trimmed its year-end forecast.
All three benchmarks are headed for steep weekly losses. Elsewhere, the U.S. dollar is surging, ramping up to a session high of $112.427 and marking its highest level since May 28, 2002. Bonds continue to climb, too, as the 2-year Treasury yield rallies past 4.2% for the first time in 15 years. Unsurprisingly, the Cboe Volatility Index (VIX) -- Wall Street's "fear gauge" -- is on the rise amid the mayhem, set for its second-straight week of gains and its seventh win out of eight.
Continue reading for more on today's market, including:
- Analyst: Fed rate hikes could bruise this financial stock.
- Unpacking Boeing's $200 million 737 MAX settlement.
- Plus, FUBO gets an upgrade; LITM strikes 10-year lithium deal; and ATXI announces reverse stock split.
FuboTV Inc (NYSE:FUBO) is seeing a surge in options activity today. Put volume is running double what's typically seen at this point, with 3,941 puts exchanged so far. Calls are still outnumbering puts, though, with 11,000 exchanged. The most popular is the weekly 9/23 4.50-strike call, followed by the 4-strike put in the same series. FUBO was last seen up 7.3% at $4.21, following an upgrade from Wedbush to "outperform" from "neutral." The analyst said the stock's recent lows provide a compelling entry point. FUBO remains down 73.6% year-to-date, but has found support at its 40-day moving average.
Snow Lake Resources Ltd (NASDAQ:LITM) is one of the best performing stocks on the Nasdaq today. Last seen up 24.4% at $2.87, the Canadian metals company struck a deal with Korean firm LG Energy Solution to supply it with lithium over a 10-year period starting 2025. LITM is set to clear its 100-day moving average for the first time since its formation in mid-April, but still suffers a 61.5% six-month deficit.
One of the worst performing stocks on the Nasdaq, on the other hand, is Avenue Therapeutics Inc (NASDAQ:ATXI). The equity is down 36.1% at $4.22 at last glance in the wake of a 1-for-15 reverse stock split, effective today. Separately, Avenue Therapeutics said it submitted a meeting request with the U.S. Food and Drug Administration (FDA) to address safety concerns over its pain killer drug tramadol. ATXI closed at a four-month high during yesterday's session but is now back trading in a tight range around $4.