Dow Drops 300 Points as Tech Sells Off
Apple is near the bottom of the Dow at midday
A sharp sell-off in tech stocks is weighing on the broad market at the start of the short Thanksgiving week. With Apple (AAPL) among the worst stocks on the Dow Jones Industrial Average (DJI) at midday on fresh iPhone production concerns, the blue-chip index is down more than 300 points. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are wallowing in red ink, too, as chip stocks retreat on China's antitrust allegations, though the former is holding above a key technical level.
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JD.com, Inc. (NASDAQ:JD) is seeing unusual options activity today, with roughly 123,000 calls and 32,000 puts on the tape -- six times what's typically seen. The January 2019 31-strike and March 26 calls are most active, due to what appears to be a roll out and down of the back-month options. JD stock is down 2.8% to trade at $22.40 -- extending a nearly four-month slide beneath its 40-day trendline -- after the Chinese e-commerce concern reported a third-quarter revenue miss.
Spectrum Brands Holdings Inc (NYSE:SPB) is the worst stock on the New York Stock Exchange (NYSE) so far today, after the hardware supplier reported lower-than-expected fiscal fourth-quarter adjusted profit and revenue. At last check, SPB stock is down 19.1% to trade at $48.01, earlier hitting a new five-year low of $46.67.
Sonos Inc (NASDAQ:SONO) is near the bottom of the Nasdaq, giving back a portion of last week's big earnings gain. SONO stock is down 10.9% at $13.75 to trade back below its recently formed 50-day moving average.