Dow Eyes 5th-Straight Loss as Bank Stocks Struggle

The Dow is mired in its worst losing streak since June

Digital Content Manager
Apr 12, 2024 at 11:52 AM
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The Dow Jones Industrial Average (DJI) is down 305 points and pacing for a fifth-straight drop this afternoon, which would mark its worst losing streak since June. The Nasdaq Composite (IXIC) carries a triple-digit loss of its own, and is trying to avoid a third consecutive weekly drop.

The S&P 500 Index (SPX) is lower on the day and week as well, with bank stocks in the red as a new earnings season kicks off. Higher-than-expected import prices for March are weighing on sentiment, while oil prices rise amid reports that Iran will attack Israel this weekend.

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

  • Blue-chip bank stock dragging the Dow today.
  • 2 chip stocks staring down China headwinds.
  • Plus, South Korea e-commerce giant in focus; Argan's quarterly win; and AZUL gaps lower.

MMC Stats April 12

Options traders are blasting Coupang Inc(NYSE:CPNG) stock today, after the South Korean e-commerce retailer implemented a 58% price hike to it its monthly membership fee to secure additional capital. So far today, 35,000 calls and 5,768 puts have already traded hands -- 10 times the intraday average volume. Most active is the weekly 4/12 21.50 strike call, where positions are being bought to open. CPNG was last seen are up 10.2% to trade at $21, and earlier hit a fresh 52-week high of $21.38.

Argan Inc(NYSE:AGX) is the best stock on the New York Stock Exchange (NYSE) today, up 22.1% to trade at $60.26, after the construction company announced a fiscal fourth-quarter earnings and revenue win. The shares scored a six-year high earlier, and are pacing on track for their best single-day percentage gain on record. AGX is up 29.3% in 2024.

AGX Intraday

Azul SA (NYSE: AZUL) stock, meanwhile, is near the bottom of the NYSE. The security was last seen down 9.5% to trade at $6.65 -- their lowest level since May -- though there is no apparent catalyst behind this bear gap. Over the past nine months, AZUL fell more than 36%.

 

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