All three major indexes are heading toward weekly losses
Stocks are deep in the red to end the week, with the Dow Jones Industrial Average (DJIA) off triple digits and heading for a third-straight loss. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also firmly lower midday, and on track for a fourth-straight loss.
The 10-year Treasury yield finally crossed the vaunted 5% mark and sent investors into a tailspin, especially as the spreads between the 2- and 10-year yields grow tighter. As a result, the Cboe Volatility Index (VIX) earlier surged to its highest level since late March.
Continue reading for more on today's market, including:
- Options traders blast Dow laggard.
- PayPal stock is a downgrade risk.
- Plus, bulls eye TDOC; logistics stock breaks out; and more trouble for banks.
Teladoc Health Inc (NYSE:TDOC) is seeing an influx in options trading today, with a bullish skew. At last check, over 5,410 calls have changed hands, volume that's nearly double the average intraday amount. The October 18.50 call is the most active, and the top three contracts are calls. The healthcare stock is 22.2% lower year-to-date, but has spent the last month consolidating above the $18 level.
Knight-Swift Transportation Holdings Inc (NYSE:KNX) stock is bucking the broad market selloff today, last seen 10.5% higher at $50.70. A third-quarter earnings beat, an upgrade, and four price-target hikes are fueling the bounce, with J.P. Morgan Securities raising its rating to "neutral" from "underweight." Year-to-date, the logistics stock is 8.9% higher.
Regions Financial Corp (NYSE:RF) stock is near the bottom of the New York Stock Exchange (NYSE), last seen 11.2% lower to trade at $14.64. The bank's third-quarter earnings missed estimates, while a weak net income interest (NII) forecast weighs as well. RF earlier slipped to its lowest level in three years, and is now down 32.5% in 2023.