Credit Suisse is sparking a global selloff
The Dow Jones Industrial Average (DJI) sports a 525-point deficit, as bank stocks take another step back on news that Credit Suisse (CS) was denied further assistance from its largest investor, while the Nasdaq Composite Index (IXIC) and S&P 500 Index (SPX) sit firmly in the red as well. Meanwhile, Treasury yields are sharply dropping, too, with the 2-year yield at 3.73% at last glance, while West Texas Intermediate (WTI) crude suffers a steep 5.2% drop.
Continue reading for more on today's market, including:
- Why Credit Suisse stock cratered to a record low.
- Unpacking Lennar's quarterly report.
- Plus, bank woes drive safe-haven buzz; Smartsheet's quarterly report; and Traeger's bear note.
Options traders are flocking back toward gold miners, as banking woes drive up excitement surrounding safe havens. Newmont Corporation (NYSE:NEM) is one such beneficiary, as the 12,000 calls exchanged so far today amounts to double the intraday average volume. New positions are being opened at the April 50 call, which is also the most popular contract. The equity itself, however, was last seen up a modest 0.8% to trade at $45.23, as it looks to overcome a minor 4.6% year-to-date deficit.
Smartsheet Inc (NYSE:SMAR) was last seen up 16% at $44.44 and trading at the top of the New York Stock Exchange (NYSE), after posting a stellar fourth-quarter earnings report. Following the cloud-based software firm's beat-and-raise, no less than seven brokerages hiked their price targets. Today's pop has SMAR trading back above its year-to-date breakeven level.
Traeger Inc (NYSE:COOK) is trading near the bottom of the NYSE, after Piper Sandler downgraded the shares to "neutral" and cut its target price to $4. The firm said COOK's fundamentals remain challenged, with elevated inventory likely to present sales headwinds in the future. Last seen 14.9% lower at $3.20, Traeger stock still sports a 13.8% year-to-date lead.