The Dow is down 163 points midday
Wall Street is reassessing recent market outperformance, and its weighing on stocks midday. The Dow Jones Industrial Index (DJI) is headed for its third-consecutive loss, last seen off 163 points, while the Nasdaq Composite (IXIC) and S&P 500 Index (SPX) are both swimming in red ink as well.
September’s infamously shaky seasonality isn’t helping matters, as investors unpack today’s Job Openings and Labor Turnover Survey (JOLTS) data that showed job openings rising to a record 10.9 million in July — outpacing the 2 million unemployed that month. Elsewhere, Wall Street’s “fear gauge,” the Cboe Volatility Index (VIX), is heading toward its highest close since Aug. 19.
Continue reading for more on today’s market, including:
- PayPal buys into the BNPL business model.
- Why Tesla stock jumped to its highest level in months.
- Plus, a sunny forecast for Ford; KDMN leaps on acquisition news; and OSG breaches key trendline.
There’s been an influx of bullish options activity surrounding auto name Ford Motor Company (NYSE:F) today. So far, 60,000 calls have exchanged hands, double the intraday average, compared to 9,387 puts. The most popular is the weekly 9/10 13-strike call, followed by the 13.50-strike call in the same weekly series. Ford stock was last seen up 1.4% at $13.13. Ford stock has added almost 50% in 2021, headed for its best annual performance in over 10 years.
Kadamon Holdings Inc (NASDAQ:KDMN) has gapped to its highest level in nearly five year today and is one of the best performing stocks on the Nasdaq. The stock was last seen up 72.6% at $9.15, amid news the company would be acquired by French drugmaker Sanofi in a $1.9 billion all-stock deal, or $9.50 per share, representing a 79% premium to last night’s close. KDMN has toppled long-time pressure at the $5.70 level for the first time since 2018, and is now up 136.3% year-to-date.
One of the worst stocks on the New York Stock Exchange (NYSE) is Overseas Shipholding Group Inc. (NYSE:OSG). The stock was last seen down 18.6% at $2.21, closing its impressive early July bull gap and breaching recent support at its 50-day moving average. News that Saltchuk Holdings has paused talks with the company concerning a potential offer is weighing on the shares today, though the equity is still clinging to its year-to-date breakeven level, up 4.7% in 2021.