Dow Stumbles, Heads for Worst Day Since February

Stocks are suffering a bout of profit taking to start the second quarter

Digital Content Manager
Apr 2, 2024 at 11:51 AM
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Stocks are starting the second quarter off on the wrong foot, as profit taking grips Wall Street. The Dow Jones Industrial Average (DJI) carries a 409-point deficit midday, on track for its worst single-session drop since Feb. 13. The Nasdaq Composite (IXIC) is down triple digits as well, after the 10-year Treasury yield spiked to levels not seen since November. The S&P 500 Index (SPX) is also struggling as investors unpack news that job openings were mostly unchanged for February.

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

  • Analyst: This retail stock is a "buy."
  • Revenue update dings Trump Media stock.
  • Plus, another retail stock in focus; VVPR leads the Nasdaq; and biotech stock hits record lows.

MMC Stats 0402

Apparel retailer VF Corp (NYSE:VFC) is getting blasted in the options pits today, with 24,000 calls and 33,000 puts exchanged so far, volume that is 14 times the amount typically seen at this point. Most popular is the May 12.50 put, where new positions are being bought to open. VFC is down 6% to trade at $14.38, after the Calvin Klein parent PVH (PVH) warned of weaker Europe demand. The stock is on track for its worst day since Feb. 7, and has shed 36.4% in the last 12 months.

VivoPower International PLC (NASDAQ:VVPR) stock is easily leading the Nasdaq today, last seen up 331.7% to trade at $6.26 -- their highest level since June. The electric utility company announced its subsidiary Tembo will merge with Cactus Acquisition (CCTS), with 83.8 million shares to be offered at $10 each. VVPR is now firmly above the 120-day moving average, which had been acting as resistance since August.

VVPR 120 Day

Toward the bottom of the Nasdaq is Verve Therapeutics Inc (NASDAQ:VERV) stock, last seen down 37.1% to trade at $8.05, after the drugmaker paused enrollment of an early-stage study testing gene editing therapy VERVE-101 after a patient had a severe dug-related adverse event. VERV earlier slipped to a record low of $7.36, and is on track for its worst single-day percentage drop since November.

 

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