Stocks Lower as Tech Sector Selloff Accelerates

New home sales came in at 662,000 for February

Deputy Editor
Mar 25, 2024 at 11:49 AM
facebook X logo linkedin


The shortened trading week is kicking off with losses, as semiconductor stocks lead a broader tech selloff. Keeping up with premarket losses, the Dow Jones Industrial Average (DJI) is nearly 130 points lower, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also sitting in red ink. On the economic data front, new home sales came in at 662,000 for February, which missed the mark by about 13,000.

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

  • Why Barclays is bullish on this blue-chip entertainment stock.
  • This airline stock could be pressured by a safety standards evaluation.
  • Plus, Lucid's new investment; crypto stocks rise; and MEDS' plunge.

Midday Market Stats March 252024

Lucid Group Inc (NASDAQ:LCID) is 8.5% higher this afternoon at $83.01, and seeing a higher-than-usual amount of options volume. Following a new $1 billion stake from its majority stockholder, Ayar Third Investment, 124,000 calls and 38,000 puts have exchanged hands, which is six times the average intraday amount. New positions are opening at the top four most popular contracts, led by the weekly 3/28 3.50-strike call. Year to date, Lucid stock is down 28%.

Crypto stocks are rising across the board, after Bitcoin (BTC) moved above the $67,000 level. MicroStrategy Inc (NASDAQ:MSTR) is one of the best performing stocks on the Nasdaq this afternoon, last seen 13.7% higher at $1,732, but earlier rose as high as $1,823. MSTR is hovering just below its roughly three-year highs, but is up more than 578% over the last 12 months.

MSTR Chart March 252024

Near the bottom of the Nasdaq this afternoon is Trxade Health Inc (NASDAQ:MEDS). The shares are 24.4% lower at $12.15 at last glance, though there doesn't seem to be a clear-cut catalyst for today's negative price action. Still, the stock sports a 284.2% year-to-date lead.

 

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