Today's CPI reading is weighing on U.S. markets
Wall Street's pre-market losses are accelerating, the Dow Jones Industrial Average (DJI) down more than 560 points, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) also swim in red ink. Today's inflation reading is weighing on U.S. markets ahead of the Fed's upcoming interest rate decision. In response, bank stocks are suffering, with the SPDR S&P Bank ETF (KBE) down 3.3% today and 8.2% so far in September.
Continue reading for more on today's market, including:
- Morgan Stanley stock suffers after downgrade.
- Earnings report: GameStop misses revenue estimates.
- Plus, how DJT is faring after the debate; ALB lifted by lithium supply; and why health insurance stocks are falling.
Options traders are evaluating Trump Media & Technology Group Corp (NASDAQ:DJT) stock following the first U.S. presidential debate between Vice President Kamala Harris and former President Donald Trump. At last glance, DJT is down 16.4% to trade at $15.57, adding to its 52.5% quarter-to-date deficit and 11.1% year-to-date loss, with the stock's 10-day moving average guiding it lower since mid-July. Still, bulls are outpacing bears today, with 35,000 calls traded so far against 32,000 puts, and new positions are being bought to open at the most active weekly 9/13 15-strike put.
Shares of specialty chemicals manufacturer
Albermarle Corporation (NYSE:ALB) are the best performing on the SPX this afternoon. Last seen 8.6% higher at $85.40, and on pace for its best single-session percentage gain since the end of 2023, ALB is
getting a boost amid a global oversupply of lithium, a key component in electric vehicle (EV) batteries. Year to date, however, Albermarle stock is still down 40.1%.
Humana Inc (NYSE:HUM) stock is at the bottom of the SPX, down 5.7% at $326.86 at last check. Health insurers are falling
across the board after last night's presidential debate. Humana stock has shed 12.7% so far this quarter, and is down 28.7% since the start of 2024.