Stocks Drop as Jobs Data, Big Tech Sour Optimism

Data showed that gross domestic product (GDP) plunged by a record 32.9% in the second quarter, though that number was not as bad as economists feared. As a result, the Dow Jones Industrial Average (DJI) is well into the red at midday, down around 355 points. Meanwhile, investors are poring over disappointing economic data. Most notably, weekly jobless claims rose for the second-straight week, finishing up around 1.4 million. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also considerably in the red, as the shares of Big Tech declined in anticipation of FAANG earnings.

Oil prices slid significantly as well, thanks to the surge of COVID-19 infections around the world which raised fears concerning a stutter in fuel demand. At last check, crude for August delivery is down 3.6% at $39.76 per barrel.

Continue reading for more on today's market, including: 

• Upbeat earnings aren't saving Yum! stock from sliding. 
• Qualcomm stock is a big target for options bulls.
• Plus, BBBY puts pop; at Home stock is surging on a bull note; and KRA cemented itself as a bottom performer.

One stock seeing ample put activity in its options pits is Bed Bath & Beyond Inc (NASDAQ:BBBY). Over 21,000 puts -- three times the intraday average and volume pacing in the 99th percentile of of its annual range-- have exchanged hands, compared to just 12,000 calls. Most popular by far is the September 11 put, where new positions are being opened. The equity was last seen up 1.7% at $11.03, though it is still suffering from a 34.7% year-to-date deficit. 

At Home Group Inc (NYSE:HOME) is one of the best performers on the New York Stock Exchange (NYSE) today, last seen up 35.7% at $12.81. Today's surge comes after HOME released preliminary second-quarter results, and in turn received a price-target hike to $11 from Jefferies. The home decor superstore boasts a 129.8% year-to-date lead, and is eyeing its seventh straight close above its descending 320-day moving average.

Meanwhile, one of the bottom performers on the NYSE today is Kraton Corp (NYSE:KRA), last seen down 22.4% at $14.30, after the company reported second-quarter results. Despite beating analysts' estimates, KRA is now down 18.4% for the week, as well as off 43.3% year-to-date. Still, the stock is sitting well above its mid-March, all-time low of $4.45.