Risk-off trading is dragging tech stocks lower
Wall Street is extending its slide Thursday, as investors lean into a risk-off attitude amid another selloff in tech and crypto stocks. The Dow is off by 373 points, while the S&P 500 and Nasdaq are both deep in the red once more, the tech-heavy latter on pace for its sharpest three-day decline since April.
Pressure is mounting after Alphabet's (GOOGL) earnings sparked concerns over surging AI spending, while weak labor market data added to the cautious mood. Against this backdrop, the Cboe Volatility Index (VIX) is heading for its first close above 20 since Nov. 24.
- Luxury retail stock bucks broad market selloff.
- 2 chip Stocks weighing earnings and rising memory-chip prices.
- Plus, Blue Owl bears pounce; ENSG's record snap up; MSTR in freefall.
Blue Owl Capital Inc (NYSE:OWL) is receiving plenty of attention in the option pits today. At last check, over 72,000 puts have changed hands -- nine times the average intraday amount. The most popular contract is the April 13 put, with new positions being bought to open. At last glance, the private credit stock is down 5.4% to trade at $11.40. bringing its year-to-date deficit to 21.6% amid .
Ensign Group Inc (NASDAQ:ENSG) is one of the top performers on the Nasdaq today, following last night's surprise beat, now trading 30.8% higher at $194.77. The stock earlier snapped up a record-high of $199.01 and is heading for its best single-day performance in over five years.
Strategy Inc (NASDAQ:MSTR) is one of worst names on the Nasdaq today. The crypto stock earlier hit a 17-month low of $111.56 and is 12.5% lower at $112.99 at last look, ahead of earnings reports that are due after today's close. Shares are down 66.4% over the past 12 months and have faced stiff pressure from their descending 60-day moving average.
