Dow Eyes Worst Day in Months on 1,000 Point Plummet
A spike in coronavirus cases is sparking a selloff in the retail and airline sectors
The Dow Jones Industrial Average (DJI) is down over 1,000 points at midday, as retail and flight stocks plummet amid a spike in coronavirus cases. While stay-at-home staples like Zoom (ZM) and Netflix (NFLX) are getting a boost on renewed anxieties surrounding thepandemic, it's not enough to help the tech-heavy Nasdaq Composite's (IXIC), which is on track to snap a four-day win streak just one day after nabbing fresh highs.
The S&P 500 Index (SPX) is also swimming in red ink, as all three benchmarks head toward their worst single-day percentage drop since April 1. Conversely, Wall Street's "fear gauge," the Cboe Volatility Index (VIX),is eyeing its biggest percentage pop since March 12. Elsewhere, a rise in U.S. crude inventories is keeping the pressure on black gold, with July-dated crude futures down 8.1% to trade at $36.31 per barrel, at last check.
Continue reading for more on today's market, including:
Grubhub buyout buzz brings analysts,options traders to the table.The blue-chip stock getting hit directly on new COVID-19 anxieties. Plus, PG's options pop; China penny stock breaks out; and MBIO drops on secondary stock offering.
Procter & Gamble Co (NYSE:PG) is seeing an unusual amount of options activity today, with 15,000 puts across the tape so far, total options volume that is five times the intraday average and pacing for the 96th percentile ofits annual range. Most popular by far are the August 110 put and 130 call, where positions are being opened at each. At last check, PG was trading at $118.99, now down a modest 5% in 2020.
One of the best stocks on the Nasdaq today is Wah Fu Education Group Ltd (NASDAQ:WAFU), up 502% at $13.30, surging with other China-based education stocks though the reason for the sector surge is unclear. The security touchedan all-time high of $15.39 earlier today and is pacing for its biggest one-day jump on record.
Mustang Bio Inc (NASDAQ:MBIO) is one of the worst stocks on the Nasdaq right now, down 28.9% at $3.27, just one day after the equity hit an annual high of $4.85. The move comes after the firm announced it was offering 10.8 millionshares of its common stock at a discount to current levels. This drop puts MBIO back below its 10-day moving average, which has served as support since late-May.
