Large-cap tech stocks continue to underperform
The Dow Jones Industrial Average (DJIA) is lower at midday, as are the S&P 500 Index (SPX) and Nasdaq Composite (COMP), as Apple Inc. (NASDAQ:AAPL) stock continues to lead a tech-sector sell-off. In fact, AAPL stock is the biggest loser on the Dow today, though shares of the iPhone maker have pared some of their earlier losses. Meanwhile, the energy sector is getting a bounce, with July-dated crude futures up 1.4% at $46.46 per barrel. Also, General Electric Company (NYSE:GE) stock is gaining after the company's CEO change. Still, the CBOE Volatility Index (VIX) -- or the market's "fear gauge" -- is up more than 10%, pacing for its highest close since mid-May.
Continue reading for more on today's market -- and don't miss:
- Why Morgan Stanley adjusted its bear case for Tesla stock.
- The biotech stock in a tailspin after an FDA rejection.
- Plus, Starbucks put options active; Under Armour's recent technical strength; and OLED shares sink.
Among the stocks with unusual options volume today is Starbucks Corporation (NASDAQ:SBUX), with the shares down 1.8% at $61.07. Put volume is running in the 97th percentile of its annual range, as the contracts trade at three times the expected pace for the day. In the lead is the weekly 6/23 59.50-strike put, and data points to buy-to-open activity. This means options traders are betting on SBUX stock falling below the strike by the close on Friday, June 23, when the contracts expire. The shares haven't traded below $59.50 since May 18.
Athletic apparel stock Under Armour Inc (NYSE:UAA) is getting a bump amid the tech sector struggles, last seen up 4% at $22.76. Interestingly, this is just more of the same from UAA stock, which is looking for its seventh gain in eight sessions, and third straight close above its 100-day moving average. In fact, this would be Under Armour's highest close since its late-January bear gap.
One big Nasdaq loser is Universal Display Corporation (NASDAQ:OLED), down 6.7% at $116.40. Even with these losses, OLED stock is almost 15 points above its 50-day moving average, and it sports a 52-week gain 72%, after notching an all-time high of $130.65 on Friday.