Profit taking has gripped Wall Street in recent days
Stocks are getting crushed today, as Wall Street continues to stumble into the new year. The Dow Jones Industrial Average (DJI) is down 236 points midday, heading for its first triple-digit deficit in two weeks. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also deep in the red, the latter on track for a fourth-straight loss. There's no specific catalyst for this two-day selloff, other than lingering broad market uncertainty for 2024 and profit taking from the frenetic November-December rally.
Continue reading for more on today's market, including:
Options bulls are buying the dip on Snap Inc (NYSE:SNAP) today. The social media stock is down 1.6% at $15.88, despite hitting a 52-week high of $17.90 as recently as Dec. 18. Today, over 42,000 calls have already exchanged hands, volume that's double the average intraday amount. The February 17 call is most popular, with new positions being bought to open. SNAP is up 79% in the last 12 months.
Marathon Petroleum Corp (NYSE:MPC) is one of the better stocks on the SPX today, last seen up 3% to trade at $156.90. The oil stock is brushing off two price-target cuts in the last 24 hours, the worst coming from Mizuho to $159 from $166. Instead, MPC is on the rise with crude prices up over 3% at last check. The equity sports a 41% year-over-year lead.
Albemarle Corp (NYSE:ALB) stock is near the bottom of the SPX today, last seen down 4.7% to trade at $140.01. There is no specific catalyst weighing on the lithium specialist, but shares were turned away at their 100-day moving average to close out 2023. Prior to this resistance emerging, ALB added roughly 34% off its Nov. 13, three-year bottom of $112.
