The Dow was last seen down over 700 points
The Dow Jones Industrial Average (DJI) is off 709 points at midday, as recession concerns stew on Wall Street. Investors are watching for signals, including the 10-year Treasury yield as it declines toward the 2-year yield, and the very real possibility of a second-straight quarterly decline in U.S. gross domestic product (GDP), which would meet the technical definition of a recession. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are seeing calmer losses, though Tesla (TSLA) and Microsoft (MSFT) are weighing on the latter.
Continue reading for more on today's market, including:
- Why Stellantis stock is moving lower today.
- Analyst sees attractive entry point for this shoe retailer.
- Plus, options bears target LAZR; TD considers buying COWN; and STAF plummets into penny stock territory.
Luminar Technologies Inc (NASDAQ:LAZR) is seeing a surge in bearish options activity this afternoon, with 123,000 puts across the tape so far, which is seven times what is typically seen at this point. The July 5.50 and 6 puts are the most popular, with new positions being bought to open at both. LAZR was last seen down 1.9% to trade at $5.92 -- a fresh record low. Year-over-year, the stock is down 71.7%.
One of the best performing stocks on the Nasdaq today is Cowen Inc (NASDAQ:COWN), after news that TD Bank (TD) is considering a takeover deal for the firm. COWN was last seen up 19.2% to trade at $28.67, though the stock's 180-day moving average still lingers as overhead pressure. Year-to-date, the equity is still down 18.7%.
Staffing 360 Solutions Inc (NASDAQ:STAF) is one of the worst stocks on the Nasdaq today, down 21.4% at $4.85 and dipping into penny stock territory for the first time ever. The company yesterday reported better-than-expected fiscal fourth-quarter earnings of $1.60 per share, though revenue came in lower than anticipated. Plus, the employment services name announced a $4 million private placement priced at-the-market under Nasdaq rules after the close on Friday. Year-over-year, the equity is down 90.2%.