Week Off To A Rocky Start As Dow Extends Morning Rout

The major indexes are eyeing even more volatility as Monday's session wears on, with the Dow Jones Industrial (DJI) last seen 477 points lower, while the Nasdaq Composite (IXIC) and the S&P 500 Index (SPX) are both down more than 1% midday. Wall Street's"fear gauge" -- the Cboe Volatility Index (VIX) -- on the other hand, has jumped to its highest level in over two weeks.

Focus is on Federal Reserve Chairman Jerome Powell's upcoming speech at the annual Jackson Hole symposium this Friday, as investors anticipate increasingly hawkish comments from the central bank leader. Tech is getting hit especially hard this afternoon, with the fear of more interest rate hikes looming large. Meanwhile, Bitcoin's (BTC) value briefly dropped back below $21,000 early this morning, though it cut some these losses and was last seen back above the level, and off roughly 1.2% at last glance. 

mmc stats aug 22

Fastly Inc (NYSE: FSLYis seeing a surge in bearish options activity today, with 6,114 puts across the tape so far, which is six times the intraday average, and more than four times the number of calls exchanged. The most popular position by far is the weekly 8/26 9-strike put, where positions are being bought to open. FSLY was last seen down 4.7% at $9.86, following news that last week the company's CEO sold 18,652 shares of Fastly stock at $11.97 for $223,264.44. FSLY has shed 71.7% in 2022, and today's tumble puts the shares dangerously close to their May 12 record low of $9.50. 

One of the best-performing stocks on the Nasdaq today is Social Capital Suvretta Holding Corp I (Nasdaq: DNAA). The equity was up 41.4% at $19.90 at last check, after the stock began trading on the Nasdaq today, following Alkili's merger with Social Capital Suvretta. AKLI earlier hit a high of $37.58 on the charts. 

AMC Entertainment Holdings Inc (NYSE: AMCis one of the worst stocks on the New York Stock Exchange (NYSE) today. The security was last seen down 38% at $11.20 after the company's new Preferred Equity Units (APE) started trading on the NYSE at this morning's open. Shares were already tumbling ahead of the bell, breaching recent support at the 40-day moving average at the open. AMC earlier hit its lowest level since late-May and is now down more than 66% in the last 12 months. 

amc aug 22

More By This Author:

S&P 500 Snaps Weekly Win Streak As Dow, Nasdaq Sink
Stocks Deep In The Red As "Fear Gauge" Perks Up
Stocks Score Muted Wins Despite Mixed Retail Earnings

Disclosure: None.

View my webinar "

How To Fearlessly Make Money In Stocks

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


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