The global selloff is continuing today
Wall Street is extending last session's slide, as recession fears trigger a global market selloff. The Dow Jones Industrial Average (DJI) is down 837 points at last glance, while the Nasdaq Composite Index (IXIC) and S&P 500 Index (SPX) sport sharp triple-digit losses as well. Tech is being hit particularly hard, as well as the crypto sector, which is plummeting alongside Bitcoin (BTC).
Oil and gold prices are also tumbling amid all this volatility, with Treasury yields following suit as investors rotate into bonds. At last glance, the CBOE Volatility Index (VIX) -- also known as Wall Street's fear gauge -- is pacing for its biggest single-day percentage gain since November 2021.
Continue reading for more on today's market, including:
- Nvidia stock lower on 3-month chip delay.
- Crypto sector crash: 2 stocks to monitor.
- Plus, put traders target BMBL; ON bucks tech selloff; and casino stock eyes worst day since 2022.
BofA Global Research lowered its price objective on Bumble Inc (NASDAQ:BMBL) to $12 from $14. The shares were last seen down 6.3% to trade at $7.99, and earlier slipped to a record low of $7.73 as they pace for their third-straight daily loss. Options bears are already chiming in, with 49,000 puts traded so far today, which is 22 times the intraday average volume. The most active contract is the August 8 put, followed by the 7 put in that series, with positions being opened at the latter.
ON Semiconductor Corp (NASDAQ:ON) is up 2.3% to trade at $69.49 at last glance, brushing off today's tech selloff. The shares are bouncing off a familiar floor at the $67 level, which served as a launching pad after pullbacks in June and July, but long-term pressure remains around the $80 region. Year to date, the chip stock carries a 15.9% deficit.
Shares of Caesars Entertainment Inc (NASDAQ:CZR) are down 8.8% to trade at $32.53 at last check, after earlier gapping to their lowest level since late May. The stock is on track for its worst single-day percentage loss since September 2022, and could see a third consecutive day in the red should these losses hold. In the past 12 months, CZR shed 40.6%