Stocks Extend Drop; Dow Falls 533 Points

The Dow Jones Industrial Average (DJI) dropped sharply since this morning, down 533 points at last check, as regional bank stocks slip. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are firmly lower as well. Investors are eyeing the start of the Fed's two-day policy meeting, as well as U.S. job openings data, which came in at an almost two-year low of 9.59 million. 

mmc may2

Options traders are targeting SoFi Technologies Inc (Nasdaq: SOFItoday, with 183,000 calls and 128,000 puts exchanged so far, which is already 2.8 times the average daily volume. The weekly 5/5 5-strike call is the most active contract, with new positions opening there. SOFI is extending yesterday's post-earnings drop, down 10.6% at $4.89 at last glance, after Wedbush downgraded the stock to "neutral" from "outperform," with a price-target cut to $5 from $8. 

VSE Corp (Nasdaq: VSECstock is up 17.5% at $50.38 at last check, after the aerospace name's strong first-quarter results. RBC upgraded the stock to "outperform" from "sector perform" with a price-target hike to $55 from $50 after the event. Year-to-date, the equity is up 8.8%. Today's pop has VSEC breaking above its 60-day moving average. 

VSECmay2

The shares of Lendingtree Inc (Nasdaq: TREEare down 30.3% at $16.29, earlier hitting anearly10-year low of $16.02, after the company's current-quarter and full-year profit outlook came in below estimates. The online consumer platform also reported mixed first-quarter results, with revenue missing analyst expectations. 


More By This Author:

Dow Locks Up Best Month Since January
Dow Up Triple Digits, Eyes Weekly, Monthly Wins
Big Tech, Meta Earnings Send Stocks Surging

How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.