Wall Street Slumps as "Fear Gauge" Mounts Comeback

The VIX is on track to snap a six-day losing streak

Deputy Editor
Nov 27, 2023 at 12:04 PM
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Wall Street is placing its four-week rally on hold, as investors watch the retail sector following an online record-setting Black Friday and await this week's slew of economic data. At the session's halfway mark, the Dow Jones Industrial Average (DJI), Nasdaq Composite (IXIC), and S&P 500 Index (SPX) are all below breakeven, while the Cboe Volatility Index (VIX) looks to snap a six-day losing streak.

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

  • Why Citi is bearish on this retail stock.
  • Investor buzz boosts telecommunications equity.
  • Plus, TEVA's bear note; Cyber Monday boosts BNPL stock; and AVXL's post-earnings plunge.

Midday Market Stats November 27+2023

E-commerce platform Shopify Inc (NYSE:SHOP) just reported record Black Friday sales data, with the company’s merchants posting $4.1 billion in sales. In response, 100,000 calls have crossed the tape already today, or four times the average intraday volume. Now positions are opening at the six most popular contracts, led by the weekly 12/1 73-strike call. Last seen up 4.4% at $73.47, SHOP is trading at its highest level since March 2022 and is now more than 111% higher year to date.  

Affirm Holdings Inc (NASDAQ:AFRM) stock is near the top of the Nasdaq, after the buy now, pay later (BNPL) company hit a 15-month high on Cyber Monday. Now up nearly 210% year to date, AFRM is popping above the $26-$27 level that's rejected several rallies this month. 

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Anavex Life Sciences Corp (NASDAQ:AVXL) is trading near the bottom of the Nasdaq, despite reporting an adjusted quarterly losses that was narrower than analysts anticipated. At last check, AVXL is down 8.4% at $6.48, adding to a 30% year-to-date deficit.

 

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