Stocks Extend Drop; Dow Falls 533 Points

Investors are eyeing labor data as well as the Fed's two-day policy meeting

Deputy Editor
May 2, 2023 at 12:05 PM
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The Dow Jones Industrial Average (DJI) dropped sharply since this morning, down 533 points at last check, as regional bank stocks slip. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are firmly lower as well. Investors are eyeing the start of the Fed's two-day policy meeting, as well as U.S. job openings data, which came in at an almost two-year low of 9.59 million. 

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

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Options traders are targeting SoFi Technologies Inc (NASDAQ:SOFI) today, with 183,000 calls and 128,000 puts exchanged so far, which is already 2.8 times the average daily volume. The weekly 5/5 5-strike call is the most active contract, with new positions opening there. SOFI is extending yesterday's post-earnings drop, down 10.6% at $4.89 at last glance, after Wedbush downgraded the stock to "neutral" from "outperform," with a price-target cut to $5 from $8. 

VSE Corp (NASDAQ:VSEC) stock is up 17.5% at $50.38 at last check, after the aerospace name's strong first-quarter results. RBC upgraded the stock to "outperform" from "sector perform" with a price-target hike to $55 from $50 after the event. Year-to-date, the equity is up 8.8%. Today's pop has VSEC breaking above its 60-day moving average. 

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The shares of Lendingtree Inc (NASDAQ:TREE) are down 30.3% at $16.29, earlier hitting a  nearly10-year low of $16.02, after the company's current-quarter and full-year profit outlook came in below estimates. The online consumer platform also reported mixed first-quarter results, with revenue missing analyst expectations. 

 

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