Stocks are trading lower across the board midday, after President Trump doubled down on his global tariffs -- despite the Supreme Court ruling against them last week. The Dow Jones Industrial Average (DJIA) has shed 690 points at last look -- heading for its worst single session drop in over a month -- while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are both 1% lower.
Gold prices are continuing their record run, last seen up 2.8%, while oil prices are also higher today by 0.5%. Elsewhere, Wall Street's "fear gauge," the Cboe Volatility Index (VIX) is on the rise again after first weekly loss since Jan. 9, last seen up 11.3%.
Vanda Pharmaceuticals Inc (VNDA) is seeing an unusual amount of options activity today. So far, over 15,000 calls have changed hands -- 36 times the average intraday amount, after receiving FDA approval for Bysanti, a treatment for bipolar 1 disorder and schizophrenia. The most popular contract is the March 80 call while shares were last seen up 40.4% at $8.09.
Arcellx Inc (ACLX) is one of the top performers on the Nasdaq today, and is on track for their best day on record after Gilead Sciences (GILD) agreed to buy its sector peer in a $7.8 billion all-cash deal. ACLX was last seen up 77.6% to trade at $113.86, attributing to the majority of its 80.8% year-over-year increase.
Gap Inc (GAP) stock is one of worst names on the New York Stock Exchange (NYSE) today, last seen down 8% at $26.48, with investors concerned about Trump's tariff hikes having long-term effects on retailers with large over-seas production sites. Shares pulled back below the stock's 60-day moving average for the first time since October.
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