Expect volatility amid "quadruple witching"
Stocks are sliding to close out the week, with the Dow Jones Industrial Average (DJI), Nasdaq Composite (IXIC), and S&P 500 Index (SPX) sporting midday losses. The IXIC and SPX are on track for a fifth-straight weekly loss -- the latter's longest such streak since May 2022 -- while the DJI is eyeing a modest weekly win. Investors should tread carefully, however, as “quadruple witching” Friday (meaning stock options, index futures options, and single-stock futures will expire) may lead to more volatility.
Continue reading for more on today's market, including:
- Nike stock eyes worst day since June.
- Auto pullback pressures steel stock lower.
- Plus, LEN options fly off the shelves; SMCI upgraded; and chip stock brushing off quarterly win.
Lennar Corp (NYSE:LEN) stock is getting blasted in the options pits, with 15,000 calls and 21,000 puts exchanged so far today, which is 9 times the volume typically seen at this point. Positions are being sold to open at the most popular contract, the expiring March 108 put. LEN was last seen 5.4% lower to trade at $113.63 and earlier slipped to a 52-week low of $111.26, brushing off upbeat fiscal first-quarter results after its new orders outlook missed the mark. Today's pullback has the shares headed for their worst day since Feb. 7. The stock has tumbled 28.8% in the last 12 months and is struggling with long-term pressure from its 40-day moving average.
Super Micro Computer Inc (NASDAQ:SMCI) stock is leading the SPX today, last seen up 4% to trade at $40.66 after an upgrade from J.P. Morgan Securities to "neutral" from "underweight," with the firm noting filing uncertainty is in the rearview mirror. While the stock still carries a 57.7% year-over-year deficit, it has amassed a 34.2% lead so far in 2025, with support stemming from its 80-day moving average.
Micron Technology Inc (NASDAQ:MU) stock is near the bottom of the SPX today, 8.8% lower to trade at $93.95 at last check, despite the semiconductor giant's better-than-expected results for the fiscal second quarter and an upbeat outlook. The equity is looking to extend its 14% year-over-year deficit, pushing aside yesterday's rally that ran out of steam at $105.