Stocks are lower at midday as surging global bond yields and elevated oil prices weigh on investor sentiment, with the U.S. 30-year Treasury yield remaining near its highest level since 2007. The Nasdaq Composite Index (IXIC) is down 348 points as a pullback in semiconductor stocks pressures the tech-heavy index. The Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) are modestly lower as well, with the former shrugging off better-than-expected earnings from home improvement giant Home Depot (HD).
Options bulls are loading up on Klarna (KLAR), while the stock plunges 18.5% to trade at $15.91 after the company lowered its full-year guidance, highlighted soft consumer demand, and announced the upcoming departures of its CFO and CMO. More than 18,000 calls have traded hands, which is five times the amount typically seen at this point. The August 16 call, expiring Friday, is the most popular, with new positions being sold to open there.
Ulta Beauty Inc (ULTA) is one of the top performers on the Nasdaq today, last seen up 5.8% at $521.94, after the company's most recent 13F filing showed K.J. Harrison & Partners acquired a $2.9 billion stake during the second quarter. The shares are rebounding off the 40-day moving average and are looking to snap a six-day losing streak.
Marvell Technology (MRVL) is one of the worst performers on the Nasdaq today, last seen down 8.8% at $213.66 as investors rotate out of chip names. Plus, UBS (UBS) trimmed its price target to $300 ahead of the company's Aug. 27 earnings report. Year-to-date, the shares have added 151%, while recently consolidating at the $200 level.
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