The Dow is sporting a more than 100-point drop at the midway mark
The major indexes were unable to maintain their earlier gains, and were last seen tumbling lower as investors look ahead to Friday's nonfarm payrolls report for further clues to the severity of the impending recession. Meanwhile, a slight rise in weekly jobless claims is starting to weigh on sentiment. At last glance, the Dow Jones Industrial Average (DJI) was down 106 points, while the S&P 500 Index (SPX) has also slipped into the red. The Nasdaq Composite (IXIC) managed to cling to gains for a bit longer, but eventually fell below breakeven as traders eyed post-earnings plummets from tech members Lucid (LCID) and Datadog (DDOG).
Continue reading for more on today's market, including:
- This struggling retail stock could sink even lower, says Cowen.
- Unpacking Under Armour's margin warning.
- Plus, CVNA surrounded by options bears; NVIV doubles in price; and SITM sinks on sea of price-target cuts.
Carvana Co (NYSE:CVNA) is seeing a surge in bearish activity in its options pits today. So far, 18,000 puts have been exchanged, which is five times the intraday average, compared to 5,803 calls. The most popular position is the weekly 8/5 25-strike put, followed by the 34-strike put in the same series, with new positions being opened at both. CVNA was last seen up 8% at $37.68, following the launch of its co-signer financing for customers in South Carolina. Year-to-date, the stock has lost 84%, and it looks like pressure is emerging at the 80-day moving average.
The shares of Invivo Therapeutics Holdings Corp (NASDAQ:NVIV) have more than doubled, last seen up 159.5% at $11.47. While there's no specific driver sending the stock higher today, the equity was mentioned in InvestorsObserver critical PriceWatch Alert this morning. Despite the surge, NVIV is still down 17.1%, and it looks like the stock was halted for volatility earlier in the session.
One of the worst stocks on the Nasdaq today is SiTime Corp (NASDQ:SITM). The equity was last seen down 33.5% at $139.39 following the semiconductor manufacturer's second quarter earnings report. While its earnings and revenue topped estimates, analysts still chimed in with price-target cuts. No less than four brokerages slashed their price objectives, including Barclays to $195. SITM is pacing for its lowest close in over a year, with its pre-earnings rally losing steam just below the 180-day moving average.
