Lackluster economic data is adding pressure to equities
The Dow Jones Industrial Average (DJI) was last seen clinging to gains, the blue-chip index is paring a triple-digit pop from the morning. Oil prices are the culprit once more, with front-month crude now inching higher after opening lower. The S&P 500 (SPX) and Nasdaq Composite (IXIC) have firmly pivoted into the red, as traders assess inflation data for January, a downwardly revised GDP reading, and University of Michigan consumer sentiment that fell in March. For the week, all thee major indexes are headed for a third consecutive loss.
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- Plus, bears target chemical stock; MU's pre-earning pop; and CF cools from record.
Options bears are targeting LyondellBasell Industries NV (NYSE:LYB) stock today, with 20,000 puts traded so far -- volume that is 27 times the amount typically seen at this point -- compared to just 1,954 puts. The most active contract is the April 70 put, with new positions being bought to open. LYB was last seen down 2.3% to trade at $72.59, after the chemical manufacturer reported a fire at its Bayport, Texas site, though it has since been contained. Shares rose 10.3% yesterday on an upgrade from Citigroup to "buy" from "neutral," and are still trading within striking distance 52-week highs. So far in 2026, LYB has tacked on 66.8%.
Micron Technology Inc (NASDAQ:MU) stock is enjoying tailwinds ahead of the company's fiscal second-quarter earnings report, due out after the close on Wednesday, March 18. Shares are up 2.9% to trade at $417.06 at last check, but are struggling with overhead pressure at $440, which has capped rallies since their Jan. 30, all-time high of $455.50. Longer term, the semiconductor stock boasts an impressive 344.6% year-over-year lead.
CF Industries Holdings, Inc. (NYSE:CF) stock is struggling with profit taking, on the other hand, down 4.7% to trade at $129.64 at last glance. The fertilizer name is brushing off a price-target hike from Wells Fargo to $150 from $113, as well Strait of Hormuz disruptions. CF has nearly halved yesterday's 13.2% pop that pushed it to a record high of $137.55, but is still 64.5% higher this year.