Investors are burnt out by the Fed's 10th interest rate hike in a row
Stocks are lower this afternoon as the bank sector continues to struggle. In the wake of the 10th interest rate hike in a row, Fed Chair Jerome Powell's comments about softening further hikes is doing little to qualm recession fears. The Dow Jones Industrial Average (DJI) is down more than 300 points midday, while Wall Street's "fear gauge," the Cboe Volatility Index (VIX), spiked to its highest mark since March 28.
Continue reading for more on today's market, including:
- Shopify stock hits annual high after big earnings report.
- It just went from bad to worse for Peloton stock.
- Plus, put traders blast bank stock; FROG jumps after earnings; and PacWest's deposits struggles.
Put traders are targeting Western Alliance Bancorporation (NYSE:WAL) today after the firm announced its exploring a potential sale. So far, 41,000 puts have been traded, total options volume that's quadruple the intraday average volume. The weekly 5/5 20-strike put call is the most popular, with new positions being bought to open. At last check, the bank stock was 38.9% lower to trade at $18.05, and is now down 85.1% year-over-year.
JFrog Ltd (NASDAQ:FROG) is near the top of the Nasdaq Composite Index (IXIC) today, after last night topping first-quarter earnings and revenue estimates. The stock is also brushing off a bevy of bear notes, with at least three analysts slashing their price targets. FROG is up 19.3% to trade at $21.12 at last glance, and is approaching its year-to-date breakeven mark.
PacWest Bancorp (NASDAQ:PACW) is down 60% at $2.57 at last glance, after the company announced it was considering various strategic options, after deposits outflow failed to accelerate in the wake of First Republic Bank's (FRC) sale to JPMorgan Chase (JPM). Year-over-year, PACW is now 91.2% lower.