Dow, Nasdaq Down Triple Digits as Optimism Wanes

This morning's Nvidia buzz appears to have died down

Deputy Editor
Aug 24, 2023 at 11:58 AM
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Tailwinds stemming from Nvidia's (NVDA) quarterly report appear to have been short-lived, as stocks move firmly lower midday. The Dow Jones Industrial Average (DJI) and Nasdaq Composite (IXIC) are both down triple digits, while the S&P 500 Index (SPX) sits firmly in the red as well. Meanwhile, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), is on the rise and looking to snap a four-day losing streak. 

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

  • More on AI darling Nvidia's blowout earnings
  • Another 737 mishap sends Boeing stock lower. 
  • Plus, options traders eye SNOW; BBW soars to 18-year highs; and WOOF dips into penny stock territory.

MMC Aug24

Snowflake Inc (NYSE:SNOW) is the most popular stock in the options pits today, with 95,000 calls and 51,000 puts exchanged so far, which is five times the intraday average amount. The weekly 8/25 160-strike call is the most popular contract, with new positions opening there. SNOW is down 5.7% at $146.79 at last glance, reversing its earlier gains after its upbeat second-quarter results. At least four analysts slashed their price targets, including Raymond James to $170. Quarter-to-date, SNOW is down 16.4%.

Build-a-Bear Workshop Inc (NYSE:BBW) soared to 18-year highs today, up 14.6% at $146.79 at last glance, after the company's better-than-expected second-quarter results. Gapping past a line of pressure at the $26 region, which kept a lid on gains earlier this month and in April, BBW is up 24.4% year-to-date. 

BBW Intraday

Petco Health and Wellness Company (NASDAQ:WOOF) is dropping to record lows, as slow demand cuts into second-quarter results. At last check, the security was down 21.5% at $5.10, and earlier broke into penny stock territory for the first time after hitting $4.99. Year-to-date, WOOF is down 45.7%. 

 

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