The Dow is nearly triple digits lower this afternoon
The enthusiasm that followed the release of the Federal Reserve's meeting minutes is already fading. The Dow Jones Industrial Average (DJI) was last seen down nearly triple digits, while the S&P 500 Index (SPX) and Nasdaq Composite Index (IXIC) carry midday losses of their own. Wall Street is still hopeful for an interest cut in September, but investors are now anxiously awaiting Fed Chair Jerome Powell's incoming comments at the Jackson Hole Economic Symposium tomorrow.
Continue reading for more on today's market, including:
- Unexpected sales growth boots Peloton stock.
- Why this analyst upgraded Crocs stock to "buy."
- Plus, SNOW brushes off quarterly win; BEN bounces off lows; and Moderna stock struggles.
Snowflake Inc (NYSE:SNOW) is seeing plenty of activity in the options pits today, with 117,000 calls and 93,000 puts traded so far -- 11 times the intraday average volume. The most active contract is the weekly 8/23 120-strike put, with new positions being opened there. SNOW is down 12% to trade at $118.89 at last check, despite the cloud concern beating earnings and revenue estimates for the second quarter. Analysts noted slowing growth and handed out no fewer than 12 price-target cuts, contributing to the security's 40.2% year-to-date deficit.
Franklin Resources Inc (NYSE:BEN) stock is leading the SPX today, up 3.2% to trade at $20.42 at last glance, as it bounces off its lowest level since October 2020. BEN's last rally failed to conquer the 80-day moving average, which rejected shares multiple times in July. The equity has shed 31.4% so far this year.
Moderna Inc (NASDAQ:MRNA) is the worst stock on the SPX today, last seen down 3.3% to trade at $83.81. The shares are consolidating above the $80 level after slipping to their lowest level since December on the heels of multiple post-earnings bear gaps in late July. So far in 2024, the
pharmaceutical stock has dropped more than 15%.