Dow, Nasdaq Down Triple Digits Midday

The tech sector is dragging the Nasdaq

Deputy Editor
Aug 2, 2023 at 12:09 PM
facebook X logo linkedin

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. 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI