Stocks are much lower at midday as Treasury yields bounce back. The Dow Jones Industrial Average (DJI) is down over 300 points, while the Nasdaq Composite Index (IXIC) is also down triple digits and the S&P 500 Index (SPX) sits modestly lower. Also weighing on stocks, oil prices are on the rise amid renewed tensions between the U.S. and Iran after Trump teased his next course of action on a Truth Social post.
Shares ofModerna Inc (MRNA) are depleting 19.7% at $140.06 as investors lock in gains after the stock's largest single-day rally. More than 168,000 puts have changed hands, which is 14 times the amount typically seen at this point. The August 120 and 100 puts are the most popular contracts by far with positions still open, ahead tomorrow's expiration.
Tech behemoth Lumentum Holdings (LITE) is one of the best performers on the Nasdaq today, last seen up 3.1% to trade at $853.48 after its fiscal fourth-quarter earnings topped expectations. The company also issued a strong outlook for the upcoming quarter. Year to date, the equity is up an impressive 644%.
Space Exploration Technologies Corp (SPCX), otherwise known as SpaceX, is plunging9.8% at $224.20 after 319 million restricted shares became eligible for sale. DZ Bank initiated coverage on the aerospace name with a "sell" rating and a $100 price target, citing heavy capital requirements. The shares are tracking a third-straight daily loss while testing the $130 floor.
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