Apple stock is on pace for its fourth straight loss
The Dow Jones Industrial Average (DJIA) is lower at midday, as markets eye another threat from North Korea. The country's foreign minister said President Trump's recent comments that Kim Jong Un's regime "won't be around much longer" were a declaration of war. As such, the isolated nation said it has "every right to make countermeasures, including the right to shoot down United States strategic bombers" even outside of North Korean airspace.
The S&P 500 Index (SPX) and Nasdaq Composite (COMP) are also in the red, with a major tech sell-off fueling the latter's fall. In fact, Apple stock continues to sink amid concerns over iPhone demand, and is on track for its fourth straight loss and its lowest close in nearly two months. The CBOE Volatility Index (VIX) -- Wall Street's "fear gauge" -- moved back above double digits, and is on track for its largest gain in three weeks. Elsewhere, traders will likely be eyeing several Fed speeches for fresh insight into the central bank's much-anticipated unwinding of its massive balance sheet.
Continue reading for more on today's market -- and don't miss:
- 2 healthcare stocks getting hammered ahead of the Obamacare repeal vote.
- Analyst: Buy this Amazon rival now.
- Plus, option bears target TRIP stock; Under Armour stock bounces; and Sprint stock sinks as merger news heats up.
Among the stocks with unusual options volume is travel site
TripAdvisor (NASDAQ:TRIP), with 9,300 puts traded -- 14 times the average intraday volume, and pacing for the highest percentile of its annual range. It looks like the weekly 9/29 44- and 43.50-strike puts are attracting the majority of the attention, with
Trade-Alert indicating a new bear put spread. TRIP stock is down 8.5% to trade at $40.60 -- among the worst stocks on the S&P 500 -- after the Trump administration announced an expanded travel ban.
Under Armour Inc (NYSE:UAA) stock is up 2.8% at $16.87, and is among the best stocks on the S&P 500 today, after Keybanc upgraded the athleisure stock to "overweight." The upgrade comes at the expense of VF Corp stock, as analysts cited Under Armour's new CEO and renewed focus on improving financial performance. However, UAA stock has shed 41% year-to-date, and touched a two-year ow at the start of the month, with recent attempts at a breakout contained by the shares' 40-day moving average.
Sprint Corp (NYSE:S) is among the biggest losers on the New York Stock Exchange (NYSE) today, down 7% at $7.93, amid reports that majority stakeholder Softbank could agree to a "no premium" bid for a merger with T-Mobile. Sprint stock last week topped its 160-day moving average for the first time since early August, as rumors of a
T-Mobile merger heated up.