Dow, Nasdaq Shed Triple Digits as "Fear Gauge" Pops

Debt ceiling talks once again hit a snag

Deputy Editor
May 24, 2023 at 11:38 AM
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Stocks are accelerating their premarket losses, as Wall Street awaits the latest meeting minutes from the Federal Open Market Committee (FOMC), due out at 2 p.m. ET. In addition, the approaching default deadline continues to weigh on investor sentiment, with negotiations stalling amid disagreements over spending levels this morning.

At last glance, the Dow Jones Industrial Average (DJI) and Nasdaq Composite Index (IXIC) are both down triple digits. The S&P 500 Index (SPX) is also in the red, while the Cboe Volatility Index (VIX) looks to lock in its fourth-straight win.

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

  • Kohl's stock breaks out of slump.
  • Why Urban Outfitters stock is swimming in bull notes.
  • Plus, Netflix's new password sharing reality, and earnings reports to monitor. 

Midday Market Stats May 242023

Netflix Inc (NASDAQ:NFLX) is 2.1% higher at $363.51 at last glance, after the streaming company rolled out its password-sharing crackdown in the U.S. Call traders are responding as well, with the 81,000 bullish bets traded so far accounting for double the average intraday volume. New positions are opening at the top seven most popular contracts, led by the weekly 5/26 370-strike call. Over the last 12 months, NFLX has more than doubled in price.  NFLX Chart May 242023

At the top  of the Nasdaq is GigaCloud Technology Inc (NASDAQ:GCT), after the company reported fiscal second-quarter revenue that beat Wall Street's estimates, with earnings that were in line with forecasts. Last seen up 61.7% at $9.15, GCT is still down a little more than 10% over the last three months. 

Conversely, America's Car-Mart, Inc. (NASDAQ:CRMT) are trading near the bottom of the Nasdaq, last seen down 15.6% at $75.39. The automotive retailer's fiscal fourth-quarter earnings were lower than analysts estimated, though revenue was higher for forecasts. Over the course of 2023, CRMT has added 23.6%.

 

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