Dow, Nasdaq Moving in Opposite Directions

Boeing stock's bear gap is weighing on the blue-chip index today

Managing Editor
Jan 8, 2024 at 12:00 PM
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Stocks are a varied bunch this afternoon. The Dow Jones Industrial Average (DJI) is lower thanks to a rough drawdown for Boeing (BA) amid the latest 737 MAX mishap. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC), on the other hand, are both comfortably higher, the latter enjoying its first triple-digit pop since Dec. 21 thanks to a resurgent tech sector. 

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

  • Airline stock ignores the sector slump.
  • More M&A buzz for the medtech sector.
  • Plus, options bears raid ALK; cloud stock in focus; and energy sector slumps.

MMC Stats Jan 8

Options bears are blitzing Alaska Air Group Inc (NYSE:ALK) today in the wake of the Boeing 737 MAX accident. At last check, 16,000 puts have changed hands, volume that is 32 times the average intraday amount and at an annual high percentile. The February 30 put is the most active by far, with new positions being bought to open. ALK is down 0.4% to trade at $37.81, and is 17% lower in the last 12 months.

Arista Networks Inc. (NYSE:ANET) is one of the top stocks on the SPX, last seen up 4,5% at $241.38. J.P. Morgan Securities added the cloud software name to its Analyst Focus list and hiked its price target to $297 from $230. ANET earlier hit a record high of $243.68, and is up 115% year-over-year.  

On the other end of the spectrum, Halliburton Company (NYSE:HAL) is down 3.8% at $34.62, with the oil sector slumping after steep price cuts from Saudi Arabia, paired with a rise in Organization of the Petroleum Exporting Countries (OPEC+) output. The equity is down 14% year-over-year.

MMC Stock Chart HAL


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