The Dow and Nasdaq sport triple-digit midday losses once again
The Dow Jones Industrial Average (DJI) and Nasdaq Composite (IXIC) are down triple digits this afternoon, with the S&P 500 Index (SPX) also sporting steep midday losses. Investors are brushing off slightly better-than-expected retail sales data for October, while the Cboe Volatility Index (VIX) eyes its best single-session pop of the month. As the post-election rally fades, all three major indexes are pacing for considerable weekly losses, with both the Nasdaq and SPX pacing for their worst weeks since September.
Continue reading for more on today's market, including:
United States Steel Corporation (NYSE:X) stock is seeing unusual options activity today, with 54,000 calls and 36,000 puts traded so far, which is five times the volume typically seen at this point. The most active contract is the January, 2025 50-strike call. The steel stock is down 3.1% to trade at $35.29, though there's no clear catalyst for this negative price action. X is now down 26.7% in 2024, and hasn't closed above $50 since 2011.
DaVita Inc (NYSE:DVA) stock is among the SPX's leaders today, last seen up 3.2% at $159.32. The shares yesterday conquered overhead pressure from their 40-day moving average and are now pacing for their highest close since late October, while sporting a 52% year-to-date lead. DVA is also currently on track for its best weekly performance since September.
One of the worst stocks
on the SPX today is
Adobe Inc (NASDAQ:ADBE), down 5.4% at $501.05 at last check. The shares are now down 16.1% year-to-date, and could today mark their worst single-day percentage drop since Sept. 13., after the 100-day moving average rejected this week's rally.