The Dow is off by more than 460 points this afternoon
September seems to be kicking off on a sour note as investors parse weak economic readings. The Dow Jones Industrial Average (DJI) is down 463 points, while the Nasdaq Composite Index (IXIC) also sheds triple digits, and the S&P 500 Index (SPX) sits firmly in the red. According to the Institute for Supply Management, U.S. factories activity was slower than expected in August, while the employment index -- which moved up slightly -- remained in pullback territory.
Continue reading for more on today's market, including:
- Analyst: this video game stock is the "clear game engine."
- Boeing stock continues to weigh heavy.
- Plus, Nio's deliveries win; ADSK's bull note; and Nvidia stock's pullback.
Nio Inc -- ADR (NYSE:NIO) is seeing double the intraday average options volume, after the China-based maker of electric vehicles (EV) delivered 20,176 vehicles in August -- a 4% bounce from one year ago. So far, 51,000 calls and 30,000 puts have exchanged hands, with the December 5 call seeing the most activity. Last seen up 1.9% at $4.11, NIO's price action continues to be capped by its 40-day moving average. What's more, the security sports a nearly 63% year-over-year deficit.
Autodesk Inc (NASDAQ:ADSK) is one of the best stocks on the SPX today, up 2.8% to trade at $265.69 after HSBC upgraded the shares to "buy" from "hold" and raised its price target to $299 from $242. In addition, Citigroup adjusted its price target up to $325 from $316. On Friday,
the equity fell just short of its March 1, nearly three-year high of $279.53, but remains 21.2% higher over the last 12 months.
NVIDIA Corp (NASDAQ:NVDA) stock is underperforming on the SPX today, last seen 6.9% lower at $111.16. The shares still carry a 127.01% year-to-date lead, but have taken a step back since the company's latest earnings report -- which was
better than expected -- resulted in a dip. Now for the quarter, NVDA is down 9%.