All three major indexes are lower
Stocks are firmly lower, with the Dow Jones Industrial Average (DJI) sporting a sharp 406-point deficit, as this morning's hotter-than-expected inflation data casts doubt on Fed rate cuts this year. The 10-year Treasury yield hit a fresh 2024 high after the reading, causing the tech sector to slide, while small caps in particular feel the weight of the selloff, per the Russell 2000 Index's (RUT) tumble.
Continue reading for more on today's market, including:
- Behind Coca-Cola's revenue win.
- Carl Icahn announces stake in JetBlue Airways.
- Plus, options traders target SHOP's drop; KLG soars on forecast; and PLCE moves back toward record lows.
Options traders are targeting Shopify Inc (NYSE:SHOP), as the company's disappointing revenue forecast weighs on the stock despite strong fourth-quarter results. So far, 155,000 calls and 54,000 puts have been exchanged, which is already 2.6 times the average daily volume. The February 90 call is the most popular contract, followed by the July 130 call, with new positions opening at both. SHOP is moving sharply away from yesterday's roughly two-year high of $91.57, down 10.2% at $80.00 at last check, though its 60-day moving average appears to be keeping losses in check.
The New York Stock Exchange's (NYSE) WK Kellogg Co (NYSE:KLG) is up 11.7% at $14.09 at last glance, after the food company lifted its annual forecast on strong demand. Publicly traded since October after splitting from Kellogg's, the shares are up 31% in the last three months.
Clothing retailer Children's Place Inc (NASDAQ:PLCE) is down 31.7% at $11.20 at last check, after a downgrade from B. Riley to "sell" from "neutral," with a price-target cut to $4 from $19. Swinging back toward its recent Feb. 9 record low of $8.30, the equity is down 75% since last February.