Dow Down Triple Digits As Stocks Fall Across The Board

Though paring their more drastic pre-earnings losses, stocks are still squarely in the red this afternoon. The Dow Jones Industrial Average (DJI) is down more than 126 points, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also saddled with substantial midday deficits. Investors are bracing for the February consumer price index (CPI) due out later this week, which will shed light on how the Federal Reserve may move forward with interest rates.

Midday Market Stats March 112024

Starbucks Corp (Nasdaq: SBUXhas been trending lower for the better part of 12 months, now sporting a 7.6% year-over-year deficit. It looks like call traders are speculating on a bottom, however, as shares of the coffee chain operator are a favorite this afternoon. So far, 38,000 bullish bets have crossed the tape, which is triple the intraday average volume. Most popular by far is the March 96 call, where new positions are being bought to open. SBUX was last seen 1% higher to trade at $91.94. 

Shares of U.S.-listed Chinese companies are on the rise today after consumer prices rose in the region for the first time in six months. Near the top of the New York Stock Exchange (NYSE) is TAL Education Group (NYSE: TAL), last seen at 9.1% to trade at $12.90. TAL is now just a hair above its year-to-date breakeven level but remains well below its Covid highs.

TAL Chart March 112024

MoneyLion Inc (NYSE: MLstock is reversing yesterday's post-earnings surge that hit a more than 12-month high of $75.74. ML was last seen 16.5% lower to trade at $62.19, but the fintech stock still boasts a more than 260% year-over-year lead.

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