Dow Rebounds; Nasdaq Drops Triple Digits

Nvidia stock is sliding ahead of tomorrow's earnings report

Deputy Editor
Feb 20, 2024 at 11:55 AM
facebook X logo linkedin


Weighed down by tech stocks, including highly-valued Nvidia (NVDA) ahead of tomorrow's earnings report, the Nasdaq Composite Index (IXIC) is off 167 points midday. The S&P 500 Index (SPX) is sitting in the red as well, while the Dow Jones Industrial Average (DJI) hovers above fair value after paring premarket losses.

Investors' attention is already on tomorrow's Fed meeting minutes from the January policy meeting. This morning, data showed the leading economic index fell for the 22nd-straight month, though six of the 10 leading economic indicator components point to a positive past six months, building the case that a recession could still be avoided.  

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

  • Biotech stock soaring after positive FDA update.  
  • Options bears cheer Caterpillar stock downgrade.  
  • Plus, WMT at record highs; Barclays stock surges; and a biotech stock stumbles. 

MMC Febr20

Options traders are blasting Walmart Inc (NYSE:WMT) today, as the stock climbs to record highs after upbeat fourth-quarter earnings. The retail giant also announced a strong forecast, and its acquisition of Vizio for $2.3 billion. So far, 137,000 calls and 61,000 puts have been exchanged, which is already 3.6 times the average daily options volume. The weekly 2/23 180-strike call is the most popular, where new positions are being bought to open. At last check, WMT was up 3.9% at $177.01, earlier hitting an all-time peak of $181.35, and breaking above pressure at the $170 level. Since last February, the equity is up 20.9%. 

WMT Feb20

The New York Stock Exchange's Barclays PLC (NYSE:BCS) is surging today, up 12.2% to trade at $8.37 at last glance, after the lender announced a costly operational overhaul. On track for its best day since November 2020, today's bull gap has BCS at its highest level since July 2023. Still sporting a minor year-over-year deficit, the shares are up 6.7% in 2024. 

Meanwhile, Rapt Therapeutics Inc (NASDAQ:RAPT) is the worst performer on the Nasdaq today, last seen down 62.7% at $9.69, and earlier hitting a record low of $8.14. The U.S. Food & Drug Administration (FDA) put two mid-stage trials of the company's drug, Zelnecirnon, which is being tested for treatment of eczema and asthma, on hold after liver failure was observed in one of the patients. 

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI