The Dow is down triple digits at last check, with Friday's record close a distant memory
Stocks have opened the new week lower across the board, sending the Cboe Volatility Index back above 20 in response. The Dow Jones Industrial Average (DJI) is down triple digits at last check, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are deep in the red. Rising oil prices and spiking bond yields are the culprits for today's price action; November-dated West Texas Intermediate (WTI) crude was up 1.8% at $75.73 per barrel, while the 10-year Treasury yield is above 4% for the first time since August.
Continue reading for more on today's market, including:
- Casino stock separates from the pack.
- Downgrade has KB Home stock testing key support.
- Plus, SOFI bulls bet big; generator stock eyes Milton; and a bear note for Domino's.
SoFi Technologies Inc (NASDAQ:SOFI) is getting attention from options traders today. At last check, over 133,000 calls have changed hands, volume that's double the average intraday amount and nearly six times the number of puts traded. The January 2025 8-strike call is the most popular, with new positions being bought to open. SOFI is up 0.5% to trade at $8.43, heading for its highest close since March, but is 15.1% lower in 2024.
Generac Holdings Inc (NYSE:GNRC) stock is near the top of the SPX today, last seen up 8% to trade at $172.95, earlier hitting a two-year high of $174.08. The generator company is getting a lift, unfortunately, as tropical storm Milton strengthens to a Category 4 hurricane and heads toward Florida and the east coast. GNRC is up 33% in 2024.
Domino's Pizza Inc (NYSE:DPZ) is lagging the SPX today, down 3.5% to trade at $410.57, after Piper Sandler trimmed its price target to $429 from $436. Domino's reports earnings before the open this Wednesday, and is looking to break back into positive territory for the year. In the last 12 months, DPZ is up 20%.