Stocks are melting down today, with the Dow Jones Industrial Average (DJI) 1,100 points lower, after President Donald Trump said the conflict with Iran could last longer than four weeks. Should these losses hold, the blue-chip index will log its worst session since April 10. The S&P 500 and Nasdaq are also sharply lower, with oil prices surging for the second-straight day in response to Iran closing the Strait of Hormuz. At last check, front-month crude was 8.1% higher at $76.99 per barrel.
The State Department has ordered evacuations from Bahrain, Jordan, and Iraq, after the U.S. embassy in Saudi Arabia suffered drone attacks. As investors grapple with stagflation fears, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), is heading for a fourth-straight win and highest close since Nov. 20.
Sea Ltd (SE) is among the stocks seeing the most options activity today, with 20,000 calls and 17,000 puts traded so far, volume that's12 times the amount normally seen at this point. Most popular is the April 70 call, with new positions being bought to open. Shares were last seen down 23.7% to trade at $80.20, eyeing their worst single-day percentage drop since August 2023, and their sixth loss over the last seven sessions. The stock is brushing off a fourth-quarter revenue beat, with higher costs and a slower annual gross merchandise value (GM) growth outlook adding pressure. After earlier gapping to a 52-week low, the software stock is down 37.8% in 2026.
Best Buy Co Inc (BBY) stock is near the top of the New York Stock Exchange (NYSE) today, up 5.6% to trade at $65.06 at last check. While the tech retailer announced better-than-expected earnings for the fourth quarter, a revenue miss and lackluster annual profit forecast are keeping gains in check. BBY is headed for its best day since Nov. 25, but carries a 25.4% year-over-year deficit as it tests overhead pressure from the descending 40-day moving average.
Albemarle Corp (ALB) stock is at the bottom of the SPX, down 9.4% to trade at $161.47 at last check. Shares of the lithium miner are struggling as electric vehicle (EV) sales drop and escalating Middle East tensions weigh on the price of lithium. ALB is pacing for a fourth-straight loss, pulling back from its Feb. 25, two-year high of $205.50, but still boasts a 130% nine-month lead.
Comments
Log in or sign up to join the conversation.