Schaeffer's 43rd Anniversary Stock Picks in 2024

Weak Economic Data Accelerates Stock Selloff

The Cboe Volatility Index (VIX) is eyeing its highest close since late May

Managing Editor
Sep 26, 2023 at 11:53 AM
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Wall Street is getting pummeled once more, with the Dow Jones Industrial Average (DJI) heading for its fifth loss in the last six sessions. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also deep in the red, after worse-than-expected new home sales and consumer confidence data for August. Bond yields and oil prices remain in focus, and the Cboe Volatility Index (VIX) is still hot, as it heads for its highest close since May 25. 

Continue reading for more on today's market, including:

  • Grocery stock suffers ugly post-earnings bear gap. 
  • Auto stock bucks broad market selloff.
  • Plus, ON puts pop; solar stock sinks; and e-tailer slammed with note.

MMC Stats Sept 26

ON Semiconductor Corp (NASDAQ:ON) is seeing an influx in options trading today, with 8,892 puts changing hands already, volume that's three times the average intraday amount. The weekly 11/3 80-strike put is seeing a lot of activity, with new positions being opened there. The chip stock is up 47% in 2023 but 7% lower in September, currently testing support at its 100-day moving average. At last check, ON was down 3.1% to trade at $91.50.

MMC Stock Chart ON

JinkoSolar Holding Co., Ltd (NYSE:JKS) is one of the better stocks on the New York Stock Exchange (NYSE) today, last seen up 7.8% to trade at $28.52. The China-based alternative energy name announced a cash dividend of $1.50 per share, and also inked a supply deal with Irish wholesaler Failite Energy Solutions. Despite today's pop, JKS is 29.6% lower in 2023 and fell to a three-year bottom of $25.87 yesterday. 

Etsy Inc (NASDAQ:ETSY) stock is on the other side of the coin, down 3.8% at a three-year low of $62.25, and among the worst performers on the SPX. Evercore ISI  trimmed its price target on the e-tailer to $85 from $105, pressuring ETSY lower. Year-to-date, the shares have shed 48%.  

 

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