The Dow and Nasdaq are both down by more than 200 points
Stocks are lower to start September, as elevated oil prices and inflation concerns push bond yields higher and fuel expectations for tighter monetary policy. The Dow Jones Industrial Average (DJI) and Nasdaq Composite Index (IXIC) are both down triple digits, while the S&P 500 Index (SPX) is firmly in the red as well.
Renewed tensions between the U.S. and Iran are adding to the pressure, sending West Texas Intermediate (WTI) crude 2.4% higher to near $88 per barrel. With the Federal Reserve's next meeting two weeks away, CME's FedWatch tool shows a 66.2% chance of a rate hike.
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Shares of Medtronic PLC (NYSE:MDT) are 0.4% higher to trade at $91 this afternoon, after the company posted a fiscal first-quarter earnings and revenue beat and hiked its full-year outlook. Options are red-hot in response, with 37,000 calls and 9,214 puts exchanged so far, seven times the average intraday rate. Seeing the most attention are the September 95 call and weekly 9/4 93-strike call, with new positions opening at the former. MDT remains up 16% for the quarter, with added support from the $90 floor and 20-day moving average.
Supplement maker Herbalife Ltd (NYSE:HLF) is one of the top stocks on the New York Stock Exchange (NYSE) today, trading up 6.6% at $11.71, pivoting off yesterday's post-earnings pullback after the company reaffirmed its third-quarter and full-year guidance. Monday's session saw a pullback after news broke of its CEO's departure. MDT is down 9.5% year-to-date.
On the flip side, riding the bottom of the NYSE is SentinelOne Inc (NYSE:S), last seen down 6.3% at $20.70, brushing off yesterday's price-target hikes from Goldman Sachs and Susquehanna to $17.50 and $28, respectively. Despite today's grim performance, S has tacked on 39% in 2026,