Souring Sentiment on Wall Street Sends Dow Down Triple Digits

Recession worries are gripping Wall Street once more

Digital Content Manager
Dec 6, 2022 at 12:03 PM
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Doubts over the Fed's next move are being compounded with renewed recession anxieties, and this sour sentiment is weighing on markets this afternoon. The Dow Jones Industrial Average (DJI) was last seen down 241 points, while the Nasdaq Composite Index (IXIC) and S&P 500 Index (SPX) are also sliding lower. Investors are using a better-than-anticipated ISM Services reading for November to justify their concerns over the Federal Reserve staying a hawkish course. Meanwhile, Treasury yields are cooling slightly from Monday's pop. 

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

  • 2 heavy hitters getting upgrades today.
  • AutoZone reported upbeat Q1 results, but its stock is still falling. 
  • Plus, SIG soars after earnings; buyout buzz boosts VVNT; and investors brush off positive GOSS study. 

Designmmc stats dec 6

Signet Jewelers Ltd. (NYSE:SIG) is soaring today, last seen up 18.9% at $68.72, following the company's third-quarter earnings and revenue beat. The jewelry giant also lifted its full-year forecast. Options traders are blasting SIG in response. So far, 4,763 calls and 1,850 puts have been exchanged, which is 17 times the intraday average. The most popular position is the weekly 12/9 70-strike call, followed by the December 85 all, with positions being bought to open at the latter. SIG soared back above recent pressure at the 200-day moving average, though it still sports a 22% year-to-date deficit. 

Vivint Smart Home Inc (NYSE:VVNT) is one of the best performing stocks on the New York Stock Exchange (NYSE) today. The equity was last seen up 32.5% to trade at $11.90 on news that NRG Energy plans on acquiring the company in a deal valued at $12 per share, or $5.2 billion. VVNT opened at its highest level in over a year, clearing its recently formed 1,000-day moving average for the first time ever. Year-to-date, the stock is up 18.5%. 

vvnt dec 6

Gossamer Bio Inc (NASDAQ:GOSS), on the other hand, is one of the worst performers on the Nasdaq on Tuesday, last seen down 68.3% at $2.94, and trading at record lows. The company just announced that its Seralutinib drug met its primary endpoint in a TORREY Phase 2 study in patients with pulmonary arterial hypertension (PAH). Regardless, the equity is also set for its biggest daily drop ever. 



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