Dow, Nasdaq Down Triple Digits Midday

The tech sector is dragging the Nasdaq

Deputy Editor
Aug 2, 2023 at 12:09 PM
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Stocks are firmly lower midday, with the Dow Jones Industrial Average (DJI) and Nasdaq Composite (IXIC) sporting hefty triple-digit losses, following Fitch's U.S. credit rating downgrade. Plus, rising bond yields and China's proposal of limiting phone use for minors are hurting the tech sector.

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

  • Why SolarEdge stock is gapping lower. 
  • Options traders targeting Starbucks stock
  • Plus, CAT options flying off the shelves; VRT hits record high; and MLNK plummets after earnings. 

MMC Aug 2 

Options traders are blasting Caterpillar Inc (NYSE:CAT) today, as the Dow member extends yesterday's post-earnings record highs following a series of bull notes. CFRA upgraded the stock to "hold" from "sell," while a host of other brokerages lifted their price targets. So far, 50,000 calls and 23,000 puts have been exchanged, which is already five times the average daily options volume. The weekly 8/4 295-strike call is the most active contract, with new positions opening there. CAT is up 0.5% to trade at $290.20 at last check, and up 21.4% year-to-date.

CAT Aug2 

Vertiv Holdings Co (NYSE:VRT) is soaring to record highs today, up 24.2% at $32.95 at last check. The company posted strong second-quarter results and raised its full-year forecast. Year-to-date, the equity is up 141.8%. 
  
Fintech stock Meridianlink Inc (NYSE:MLNK) is down 26.8% at $16.34 at last glance, after the company's worse-than-expected second-quarter results. BTIG downgraded the stock to "neutral" from "buy" after the earnings event, though Raymond James and Stifel both lifted their price targets. Gapping to its lowest level since May, MLNK is still up 19% year-to-date. 
 

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