The Dow is down 265 points midday
The Dow Jones Industrial Average (DJI) is extending its premarket losses, down 265 points at midday, as protests in China over the country's zero-Covid policy weigh on investor sentiment globally. Apple (AAPL) in particular is feeling the heat, after Wedbush said the protests could lead to an iPhone shortage of up to 10% this holiday season. Meanwhile, the retail sector is in the spotlight this Cyber Monday, especially after online Black Friday sales hit a record-breaking $9 billion.
Continue reading for more on today's market, including:
- Pinduoduo stock benefitting from China's lockdowns.
- Two oil stocks dropping from recent highs.
- Plus, options bulls blast AXSM; DBGI continues to soar; and CINC slips to lowest levels since June.
Axsome Therapeutics Inc (NASDAW:AXSM) is seeing a bullish options surge today, after a late-stage study of its experimental drug, AXS-05, met its primary and key secondary goals in treating Alzheimer's agitation. So far, 10,000 calls have been exchanged -- eight times the intraday average -- compared to 3,603 puts. The December 100 call is the most popular, with new positions opening there. AXSM is up 33.2% at $75.67, its highest level since January of 2021.
Digital Group Brands Inc (NASDAQ:DBGI) is one of the top performers on the Nasdaq today, up 48.7% at $8.86 at last glance. The stock has been rallying since its Nov. 21 record low of $3.21, though still down 96% year-to-date. Should these gains hold, DBGI will secure its fourth-straight daily win.
CinCor Pharma Inc (NASDAQ:CINC) stock is crumbling after the company's experimental drug to treat high blood pressure, Baxdrostat, failed in a mid-stage study. CINC is down 46.9% at $14.08 at last check, and trading at its lowest levels since June.