Chevron, Exxon Drag Dow Lower
Stocks are in a downward spiral, after this morning's nonfarm payrolls report strengthened the case for a March rate hike -- and sent the 10-year Treasury yield spiking to a four-year high. Looking closer, the Dow Jones Industrial Average (DJI) is staring at a more than 300-point loss, with blue-chip energy names Chevron (CVX) and Exxon Mobil (XOM) applying the most pressure after earnings. If these losses hold through the close, the Dow, along with the S&P 500 Index (SPX), will notch its biggest weekly decline in two years.
Continue reading for more on today's market, including:
Analyst: This FAANG stock can rally another 44%.The retail stock crushing shorts after earnings. Plus, the construction material stock with unusual volume; Sprint soars; and a sinking Nasdaq stock.
Among the stocks with unusual options volume today is construction materials provider Martin Marietta Materials, Inc. (NYSE:MLM), with more than 15,000 calls traded -- a whopping 21 times what's typically seen at this point in the day, and volume at a new 52-week peak. The company is expected to report earnings ahead of the open on Monday, Feb. 12, and most of today's action is centered at the monthly February series. At last check, MLM was trading down 1.8% at $220.06.
Outperforming on the New York Stock Exchange today is cellular provider stock Sprint Corp (NYSE:S). S shares are on the rise after the company reported better-than-expected fiscal third-quarter earnings, and upped its fiscal 2017 guidance. At last check, Sprint stock was up 5.2% at $5.36.
One of the worst performers on the Nasdaq today is radio frequency solutions concern Impinj, Inc. (NASDAQ:PI), after the company forecast fiscal first-quarter revenue below the consensus estimate and announced the departure of its chief operating officer. A handful of negative analyst notes is only adding pressure. At last check, PI was down an extreme 44.2% at $12.75, fresh off a new record low of $12.40.
