Dow Down Triple Digits on Hawkish Fed Comments

The central bank is in no rush to lower interest rates

Digital Content Manager
Apr 1, 2024 at 12:15 PM
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The Dow Jones Industrial Average (DJI), S&P 500 Index (SPX), and Nasdaq Composite (IXIC) are trading below breakeven this afternoon, with the blue-chip index now sporting a triple-digit deficit. This price action came after the personal consumption expenditures (PCE) price index for February met expectations, prompting Federal Reserve Chairman Jerome Powell to note that there is no rush to cut interest rates while inflation remains above the target.

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

  • Put traders blast AT&T stock after data leak.
  • Entertainment stock is the wrong April play.
  • Plus, AIG options running red-hot; take-private deal boosts DOMA; and Cazoo stock eyes worst day since September.

MMC Stats 0401

American International Group Inc (NYSE:AIG) is seeing increased options activity today, with 22,000 calls and 11,000 puts exchanged so far, which is 9 times the intraday average volume. The most popular contract is the April 80 call, but positions are opening at the May 70 put. It's still unclear what is driving this interest, with shares flat to trade at $78.19 at last check. AIG is up 55% in the past 12 months, and surged to a nearly 16-year high of $78.70 in the previous session.

Doma Holdings Inc (NYSE:DOMA) is the best stock on the New York Stock Exchange (NYSE), last seen up 34.1% at $6.09. Today's surge comes after the company revealed insurance underwriter Title Resources Group (TRG) will take it private in a $87.7 million all-cash deal. DOMA is trading at its highest level since December after wafting in and out of penny stock territory, and already added 31.5% so far in 2024.

DOMA Intraday

Shares of Cazoo Group Ltd (NYSE:CZOO) are at the bottom of the NYSE, down 25.3% at $8.96 at last glance. While the catalyst behind this selloff remains unclear, the security carries a hefty 96.4% year-to-date deficit, and is currently on track for its worst day since September.

 

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