Yield Curve, Nike Drag Dow 358 Points Lower
The Nasdaq is the only index still on pace for a weekly win
Stocks are tanking this afternoon, with the Dow Jones Industrial Average (DJI) more than 350 points lower following Nike's (NKE) surprising earnings disappointment. In addition, traders are jeering lackluster manufacturing data in both the U.S. and in Europe, as well as the first inverted yield curve since 2007 -- often seen as a precursor to a recession. The Nasdaq Composite (IXIC) and S&P 500 Index (SPX) are also deep in the red, with the former the only index still on pace for a weekly win. The Cboe Volatility Index (VIX) -- or the stock market's "fear gauge" -- is set for its first close above 17 since late January.
Continue reading for more on today's market, including:
The retailer slammed with rare pre-earnings bear note.3 reasons to like this Apple supplier, according to analysts. Plus, the tanking telecom stock; Twitter's Trump buzz; and one of today's worst NYSE stocks.
Telecommunications stock Nokia Oyj (NYSE:NOK) is sporting unusual options volume today, with 26,000 calls and 20,000 puts crossing the tape so far -- 14 times the average daily pace. The April 5.50 put is seeing the most action, with over 9,100 contracts already having changed hands. Nokia stock has gapped 5% lower to $5.95, after the company outlined a compliance issue at its Alcatel-Lucent business. NOK earlier fell as low as $5.76, but found support atop its 200-day moving average.
Tech giant Twitter Inc (NYSE:TWTR) was last seen 2.5% higher at $33.85. The surge comes after President Donald Trump was quoted in his Fox Business Network interview as saying he doesn't "like the concept" of breaking up tech companies like Facebook (FB), Twitter, and Google (GOOGL). In response, TWTR briefly pushed above the 200-day moving average, and is pacing toward its first close above $33 since an early February bear gap.
Situated at the bottom of the NYSE is renewable energy name JinkoSolar Holding Co., Ltd. (NYSE:JKS), after the company reported disappointing fourth-quarter results. JinkoSolaris down 13% at $17.06 -- right on par with options traders' volatility predictions. Longer-term, however, the shares have more than doubled in the past three months.