Big Tech weakness continues to plague the markets
Stocks are extending losses this afternoon, with the Dow Jones Industrial Average (DJI) nursing a 516-point deficit following Home Depot's (HD) earnings miss, while the Nasdaq Composite (IXIC) is down triple digits as Big Tech extends its slide. The S&P 500 Index (SPX) is headed for its fourth-straight daily drop amid fading AI enthusiasm, Bitcoin (BTC) weakness, and fears that the Federal Reserve may not cut interest rates in December.
Continue reading for more on today's market, including:
- Digging deeper into Home Depot's lackluster results.
- Beat-and-raise props up sports equipment stock.
- Plus, solar stock draws in bears; Merck's upbeat study results; and WDC gaps lower.
Solaris Energy Infrastructure (NYSE:SEI) stock is among the
most heavily traded in the options pits today, with 30,000 puts exchanged so far -- 34 times the amount typically seen at this point -- compared to 141 calls. The most active contract is the November 50 put, with new positions being opened at the December 40 put. The equity is down 5.5% to trade at $43.21 amid the broader market pullback, and now pacing for its worst day since September. SEI is pulling back from a Nov. 3, record high of $57.16, but sports a 48.4% year-to-date lead.
Leading the SPX today is
Merck & Co Inc(NYSE:MRK) stock, last seen up 4.1% to trade at $96.66. Today's pop comes after the company's
lung-disease drug Winrevair met the primary objective of a mid-stage study in adults with pulmonary hypertension due to heart failure. MRK earlier hit its highest level since February, and has added 24.4% over the past six months.
Meanwhile,
Western Digital Corp (NASDAQ:WDC) stock is among the SPX's underperformers, down 5.9% to trade at $152.83 at last check. Reversing yesterday's pop after the company revealed
next-generation storage solutions geared toward the AI and high-performance computing (HPC) markets, the shares are taking a breather from a Nov. 11, record high of $178.45. So far this year, WDC has risen over 238%.