The 10-year Treasury yield is back above 4%
Stocks are deep in the red today, as Fed fatigue sets in after hotter-than-expected inflation data. The Dow Jones Industrial Average (DJI) is off 230 points midday, set for a fourth-straight triple-digit move. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also firmly lower, the latter on track to snap a four-day win streak. Bond yields are on the rise, with the 10-year Treasury yield last seen back above 4%.
Continue reading for more on today's market, including:
- Is Chewy stock ready to rally? This analyst thinks so.
- Yet another homebuilding stock in focus.
- Plus, oil ETF puts pop; Netflix's ad plan working; and ETSY extends slide.
Put traders are drilling VanEck Vectors Oil Services ETF (OIH) today. The exchange-traded fund (ETF) is flat at $286.29 at last check, but over 40,000 puts have exchanged hands already today, volume that's 27 times the average intraday amount and already at a record high level for the last 12 months. New positions are being bought to open at the April 260 put, with a 20,000 block at a volume-weighted average price (VWAP) of $8.18. For those buying in, breakeven at options expiration is $251.82 (strike minus premium paid). OIH is down 9.9% year-over-year.
Netflix Inc (NASDAQ:NFLX) is one of the better stocks on the SPX today, last seen up 1.4% to trade at $484.96, and earlier hitting a 52-week high of $503.41. The streaming giant said its ad-tiered plan hit 23 million monthly active users, up from 15 million in November. Netflix stock sports a 48.6% year-over-year lead.
One day after a downgrade-induced bear gap, Etsy Inc (NASDAQ:ETSY) stock is still in the SPX's gutter, last seen down 4.1% to trade at $71.68. The e-tailer has already shed 11.6% in 2024, and is nursing a 46.8% deficit in the last 12 months.