The Dow was last seen down 226 points
Stocks are extending their morning losses into midday, with the Dow Jones Industrial Average (DJI) last seen down 226 points and set to snap its five-day win streak. The S&P 500 Index (SPX) and the Nasdaq Composite (IXIC) are both deep in the red, with weakness in tech putting pressure on the latter, and the former struggling with its 200-day moving average. Today's tepid retail sales data is also weighing on stocks, while investors are also assessing Target's (TGT) quarterly profit miss.
Continue reading for more on today's market, including:
- The Elon Musk tweet storm shaking up Manchester United stock.
- What's buoying Lowe's stock after earnings.
- Plus, options bulls eye CANO amid Amazon rumors; BVW surges on vaccine update; and SJ drops from consolidation pattern.
Cano Health Inc (NYSE:CANO) is seeing a pop in its options pits today, with 20,000 calls exchanged so far, which is 15 times the intraday average, compared to 1,043 puts. The most popular contract is the August 5 call, followed by the September 5 call, with positions being bought to open at both. CANO is up 8.3% at $5.08 this afternoon amid rumors that the firm could spark the interest of Amazon.com (AMZN), following news of last month's takeover of one Medical (ONEM) for $3.9 billion. The stock has been trading in a channel between the $4.53 and $5.20 levels for the past six sessions, and is down 42.9% this year.
One of the best stocks on the Nasdaq today is Blue Water Vaccines Inc (NASDAQ:BWV). The stock was last seen up 56.15 at $3.97 after the company announced plans to develop a monkeypox shot. BWV is eyeing its first close above the 80-day moving average since its formation in June, and now boasts a 134.7% one-month pop.
On the other hand, Scienjoy Holding Corp (NASDAQ:SJ) is one of the worst performing stocks on the Nasdaq, last seen down 23.3% at $3.36. While the reason for the drop is unclear, the China-based software stock is trading back at its lowest level sin over a month after a multi-week consolidation period below the 200-day moving average. Year-to-date, the stock has lost 42.6%.
