Dow Deepens Morning Losses With Almost 400-Point Drop

The Nasdaq, meanwhile, is off roughly 3%

Digital Content Manager
Sep 29, 2022 at 11:48 AM
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Wall Street's blink-and-you'll-miss-it rally is already over. Stocks are deepening their morning losses, with the Dow Jones Industrial Average (DJI) down nearly 400 points at the midway mark, after being down over 600 points at its session lows.

The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are following suit with dramatic midday drops of their own, the latter off by 3% amid more weakness from tech staple Apple (AAPL). This morning's weekly jobless claims has generated speculation that the robust numbers could push the Federal Reserve to tighten its monetary policy even further.

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

  • A bull note hasn't saved this utility stock
  • Why CarMax stock is one of the worst stocks today.
  • Plus, options traders play Rite Aid's dismal earnings; SNTI scores a bull note; and VEEE eyes worst month on record.

mmc stats sept 29 22

Rite Aid Corporation's (NYSE:RAD) typically quiet options pits are bursting with activity today, with 3,917 calls and 4,529 puts exchanged so far, volume that's six times the intraday average. The most popular position is the weekly 9/30 360-strike put, followed by the 350-strike put in the same series, with new positions being opened at both. RAD is spiraling after its second-quarter report in which the drugstore company reported a wider-than-expected loss. Though revenue topped estimates, the company also slashed its full-year earnings forecast. RAD has shed more than 67% this year. 

Senti Biosciences Inc (NASDAQ:SNTI) is one of the best performing stocks on the Nasdaq today, last seen up 43.6% at $2.01 after BofA Global Research initiated coverage on the biotech name with a "buy" rating and a $7 price target -- a lofty 400% premium to last night's close. SNTI has shed 78% this year after a steep drop-off from the $10 area in early June. The stock is poised for its best day in two months, though the 80-day moving average looms overhead as potential resistance. 

snti sept 29

On the other hand, Twin Vee Powercats Co (NASDAQ:VEEE) is languishing at the bottom of the Nasdaq, down 28.2% at $2.55 at last check, on news that the company plans pricing its underwritten public offering of 2.5 million shares at $2.75 per share. Shares of the boat builder have seen a sharp drop from their late-August high of $8.80, and are set to turn in their biggest monthly loss on record after shedding 39.6% in September. 

 

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