The Dow is nearly 130 points lower midday
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.
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.
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.