It’s been an inauspicious start to the 2024 trading year, with all three major indexes in the red midday. The Nasdaq Composite (IXIC) is firmly lower, as tick higher and () struggles after a downgrade. The S&P 500 Index () and Dow Jones Industrial Average () are also sporting midday losses, though the latter traded in the black earlier. Elsewhere, Wall Street’s “fear gauge,” the Cboe Volatility Index (), is eyeing its highest close since Dec. 21. 
Gap Inc (NYSE: ) is seeing an influx of put activity today. At last check, 7,820 puts have changed hands, volume that is double the average intraday amount. The January 20 put is most popular, with positions being bought to open. GPS was last seen down 0.8% to trade at $20.78 at last check, with around $20 clearly of interest to options bears.Drug stock Moderna Inc (Nasdaq: ) is pacing the SPX today, last seen up 13.6% at $112.94. The vaccine maker’s CEO Stéphane Bancel noted in a shareholder letter sales are expected to increase in 2025. In turn, Oppenheimer upgraded MRNA to “outperform” from “perform.” is now trading at its highest level since September and is testing its 200-day moving average. (Click on image to enlarge)
Chip stock Advanced Micro Devices, Inc. (Nasdaq: ) is on the other end of the spectrum, down 5.2% to trade at $139.71. Despite a price-target hike to $170 from $145 at Stifel, the is facing broad market headwinds stemming from tech sector profit taking. AMD hit a record high of $151.05 on Friday and is 115% higher in the last 12 months. More By This Author:
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