All three major benchmarks are sharply lower midday
Stocks are taking a nosedive today, to put it lightly, amid recession fears and disappointing jobs data. The Dow Jones Industrial Average (DJI) is down 986 points at last glance, on track for its worst day since 2022, while the Nasdaq Composite Index's (IXIC) 530-point fall has it dropping into correction territory. The S&P 500 Index (SPX) is also headed for its worst daily percentage loss since late 2022, while Wall Street's "fear gauge," the Cboe Volatility Index (VIX) is skyrocketing, up 54.5% at last look and headed for its best day since November 2021.
Continue reading for more on today's market, including:
- Behind Amazon.com's disappointing second quarter.
- Cloudflare stock jumps on beat-and-raise.
- Plus, options traders blast LUMN; and 2 stocks moving after earnings.
Intel Corp (NASDAQ:INTC) is plunging to 11-year lows, down 28.1% at $20.84 at last look, after the company's second-quarter earnings miss. Options traders are blasting the semiconductor stock in response, with 559,000 calls and 377,000 puts exchanged so far -- already 5 times the average daily options volume. The weekly 8/2 20-strike put is the most popular, with new positions being sold-to-open there. The equity has found itself on the short sale restricted (SSR) list and with its at-the-money (ATM) implied volatility (IV) at a 52-week high.
Integral Ad Science Holding Corp (NASDAQ:IAS) was last seen up 10.5% at $10.96, after the advertising company's better-than-expected second-quarter results. Trading at its highest levels since late February, IAS is down 24.2% since the start of 2024.
Snapchat parent Snap Inc (NYSE:SNAP) is plummeting after its disappointing second-quarter revenue and forecast. At last glance, the stock was down 25.6% at $9.53, headed for its worst daily percentage drop since February and trading at its lowest levels since October. Year to date, the equity is down 43.7%.