Dow Drops 343 Points Amid Bank Sector Gloom

The Nasdaq is down triple digits as well

Deputy Editor
Aug 8, 2023 at 12:11 PM
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Stocks are extending their morning losses, with the banking sector weighing on the market after Moody cut its credit rating on several U.S. banks. A host of other lenders are now under review for potential downgrades by the firm as well. The Dow Jones Industrial Average (DJI) is down 343 points, while the S&P 500 (SPX) and Nasdaq Composite (IXIC) are also firmly lower. 

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

MMC Aug8

Tilray Brands Inc (NASDAQ:TLRY) is seeing a surge of bullish options activity today, after news the company is purchasing eight beer and beverage brands from Anheuser-Busch (BUD) for $85 million. So far, 148,000 calls have been exchanged in comparison to just 17,000 puts, with options volume already at six times the average daily volume. The weekly 8/11 3-strike and 2.50-strike calls are the most popular, with new positions being bought to open at both. TLRY is up 27.5% at $2.83, and looking to close above long-term pressure at its 200-day moving average. 

TLRY Aug8

Bright Minds Biosciences Inc (NASDAQ:DRUG) is at the top of the Nasdaq today, up 43.1% at $4.61 at last glance, and earlier was as high as $6.44 -- its highest level since October. The biotech name reported positive results from a Phase 1 study of its BMB-101 to treat refractory epilepsies. Year-to-date, the equity is up 24.4%. 
 

Axogen Inc (NASDAQ:AXGN) is trading at six-year lows, down 27.4% at $6.01 at last check, after the company's second-quarter revenue miss. The equity just marked three-straight weeks of losses, and is on track for its fifth daily loss in the last six days. Since the start of the year, AXGN is down 39.3%. 

 

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