Dow Down 222 Points, Eyes 5th-Straight Loss

The Nasdaq and S&P 500 are firmly lower as well

Deputy Editor
Jun 23, 2023 at 11:51 AM
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The Dow Jones Industrial Average (DJI) is down 221 points midday, heading for its fifth-straight loss. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are firmly lower as well, with all three major benchmarks set to snap their weekly win streaks. Though the Cboe Volatility Index (VIX) is looking to snap a three-day losing streak, Wall Street's "fear gauge" is still on track for its fourth consecutive weekly loss. 

In economic data this morning, the S&P flash U.S. manufacturing purchasing managers index (PMI) fell to 46.3 in June from May's 48.4, while the S&P flash U.S. services PMI fell to a 54.1 in June from the previous month's 54.9 -- a two-month low. 

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

  • Why Under Armour stock is heading to a fourth-straight drop. 
  • Wayfair stock could benefit from rival bankruptcy
  • Plus, KMX's post-earnings options surge; APLD soars on AI deal; and ROOT pulls back from gains. 

MMC June23

Options traders are blasting CarMax Inc (NYSE:KMX), following the car retailer's strong first-quarter results. So far, 17,000 calls and 24,000 puts have been exchanged, which is already 6.2 times the average daily volume. The January 2024 60-strike put is the most active contract, with new positions being bought to open. KMX is up 10.7% at $86.71, trading at its highest level since September and firmly above its 320-day moving average. 

KMX June23

Applied Digital Corp (NASDAQ:APLD) is up 16.1% at $11.23 at last glance, after securing a 3-year artificial intelligence (AI) cloud service contract worth up to $460 million. This is the company's second AI customer deal, the first being a two-year deal worth up to $180 million secured last month. Now trading at its highest levels in over a year, the equity is a far cry from the start of the year when it was trading below $2. 

Root Inc (NASDAQ:ROOT) is pulling back from yesterday's surge following reports of takeover interest. The car insurance name is down 14.7% at $11.00 at last check, though still sporting a 145% year-to-date lead. ROOT's 320-day moving average appears to be putting pressure on the shares as well. 

 

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