Dow Down Over 600 Points Amid Oil Volatility
All three benchmarks are off by 2% or more
The Dow Jones Industrial Average (DJI) is once again stuck deep in the red, down over 700 points at last check asoil prices cripple Wall Street. While May-dated crude futures --set to expire at the close today -- crossed back into positive territory at midday, panic around black gold remains amid plunging demand and soaring storage. Additionally, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are joining the Dow in the red, with all three indexes down by 2% or more.
Continue reading for more on today's market, including:
Coca-Cola stock is slipping despite positive earnings.LabCorp stock is buzzing after an FDA approval of its COVID-19 test kit.Plus, Beyond Meat calls are all the rage; Scorpio Tankers capitalizes off oil debacle; and AMN Healthcare falls back to earth.
One stock seeing notable options trading activity today is Beyond Meat Inc (NASDAQ:BYND). The producer of plant-based meat substitutes was last seen trading up 13.7% at $89.31. At last check, nearly 66,000 BYND calls have changed hands, eight times the average intraday amount and more than four times the number of puts traded. The weekly 4/24 100-and 90-strike calls are the most popular, with just over 16,000 calls being ordered up between the two and new positions being opened at both.
One stock bucking the broad market sell-off is Scorpio Tankers Inc (NYSE:STNG), up 6.5% to trade at $25.00 at last check and on track for its sixth straight win. This rise comes as oil traders seek out storage amid an overwhelming surplus of black gold.STNG is a little over a month removed from an all-time-low of $12.35, but today's rally has run out of steam below its 100-day moving average.
Meanwhile, one stock that's lost a lot of ground is AMN Healthcare Services, Inc (NYSE:AMN), last seen down 10.2% to trade at $49.50 at last check. The healthcare staffing company is still dangerously close to its May 31 annual low of $47.55, and is down almost 20% in 2020.