Dow Slips 800 Points as Coronavirus Anxieties Spike
Cases of the coronavirus are rapidly spreading outside of Asia
The Dow Jones Industrial Average (DJI) is eyeing its biggest one-day drop in months at midday, off over 800 points, as anxieties surrounding the coronavirus spike over reports of cases spreading outside of China at an alarmingly rapid pace. The Nasdaq Composite (IXIC) isn't far behind, struggling as the semiconductor sector and Apple (AAPL) suppliers fail to gain traction. The S&P 500 Index (SPX) is also seeing considerable losses at the midway mark. Gold is continuing its climb, however, as spooked investors turn to the haven. So far, gold for April delivery is up 1.6% at $1,675.50 per ounce.
Continue reading for more on today's market, including:
Trip.com Group Ltd (NASDAQ:TCOM) is seeing an uptick in bearish activity in the options pits today, with 12,000 puts across the tape so far -- two times the intraday average. The March series is seeing the most attention, with the 30, 31, and 32 put contracts being the most popular. This comes just a few days after TCOM rescheduled its fourth-quarter earnings announcement for March 18.
One of the best stocks on the Nasdaq today is Israel-based drug maker Enlivex Therapeutics Ltd (NASDAQ:ENLV), which is up 56.6% to trade at $14.72 on plans to ramp up manufacturing on its sepsis treatment Allocetra, following a reported coronavirus case in Israel. The jump has ENLV eyeing its biggest one-day percentage jump in nearly a year, and at last check, the equity is trading at its highest level since early October -- set to topple its 120-day moving average.
Aethlon Medical, Inc. (NASDAQ:AEMD) is one of the worst performers on the Nasdaq today after the Securities and Exchange Commission (SEC) Order of Suspension of Trading, which suspended the stock from trading for a period of 10 days, expired. At last glance, AEMD is down 14.7% to trade at $2.20, now looking up at former support at its 20-day moving average.