Stocks are looking to close out 2024 on a sour note
Stocks are continuing to tumble, the Dow Jones Industrial Average (DJI) down 485 points, earlier shedding more than 600. The Nasdaq Composite Index (IXIC) is also sporting triple-digit losses, while the S&P 500 Index (SPX) trails deep in the red as well. Despite all three indexes eyeing healthy gains for 2024 that just miss record levels, both the Dow and S&P are on track to post monthly drops. Meanwhile, the market's "fear gauge," or Cboe Volatility Index (VIX), is on pace for a third consecutive pop.
Continue reading for more on today's market, including:
- Boeing stock in options spotlight after fatal crash.
- Bitcoin purchase sends software stock sinking.
- Plus, a popping penny stock; pharma giant slammed on fresh financing; and NuScale Power shares plummet.
Options bulls are blasting Faraday Future Intelligent Electric Inc (NASDAQ:FFIE) stock today, as it experiences a surge in volatility, though the catalyst remains unclear. So far, 55,000 calls and 24,000 puts have been exchanged -- 18 times the average volume typically seen at this point. The weekly 1/3 2025 1.50-strike put is the most popular contract, where new positions are being opened. At last glance, FFIE was up 50.5% at $2.63, hitting its highest levels since late September.
Traws Pharma (NASDAQ:TRAW) is down 44% at $7.51 at last glance, making its mark as one of the worst performers on the Nasdaq this afternoon. The pharma stock is gapping lower after announcing financing as much as $72.6 million from healthcare investors to aid in its respiratory and bird flu oral therapy development. Despite touching an eight-month high of $5.46 on Dec. 23, TRAW is looking to close the year with a 56% deficit.
One of the
worst performers on the New York Stock Exchange (NYSE)
NuScale Power Corp (NYSE:SMR) is down 8.6% at $17.84 at last glance, extending its correction following several days of outperformance. Despite today's pullback, the formerly resistant $17.60 level has moved in as a floor, with longer-term support looming at the 150-day moving average as well. For 2024, SMR has surge 436% higher.
