Stocks are once again slumping, with the Dow Jones Industrial Average () down nearly triple digits, as investors weigh rising with the latest batch of earnings reports. Both the S&P 500 Index () and Nasdaq Composite (IXIC) are also lower, and if today’s losses hold, it would be the first back-to-back losses for the indexes since the first week of September. As Wall Street unpacks Fed commentary about rate cuts, CME’s FedWatch tool shows a 89% chance of a 25 basis-point cut at the Fed’s meeting next month.
Logitech International SA (Nasdaq: ) is seeing an uptick in its usually quiet options pits today. At last check, over 7,500 contracts have changed hands, volume that’s 8 times the average intraday amount. The November 87.50 call is the most popular, as is the 90-strike call in the same series, with new positions sold to open at the latter. LOGI is down 9.5% to trade at $83.12, even though the tech hardware specialist reported a second-quarter earnings beat and hiked its fiscal year guidance. The stock is now down 13% in 2024 and heading for its lowest close since May 7. Norfolk Southern Corp (NSE: ) stock is one of the better names on the SPX today, last seen up 3% to trade at $255.63. The railroad giant reported third-quarter earnings that topped estimates, which is helping shrug off a revenue miss. NSC is back within striking distance of its March 13 annual highs of $263.66, and is now up 8% in 2024, continuing its V-shaped rally from its June 25 lows at $206.
Lockheed Martin Corp (NYSE: ) stock is dragging the SPX today, last seen down 5.2% to trade at $582.43. The defense contractor whiffed on third-quarter revenue estimates, even though earnings topped forecasts and fiscal-year guidance was raised. hit a record high of $608.34 yesterday, and today’s gap lower is testing its 50-day moving average. More By This Author:Surging Bond Yields Drag Dow; Nasdaq Reverses LossesDow Drops 320 Points as Stocks Cool OffDow, S&P 500 Log Longest Weekly Win Streaks Of 2024