Dow Eyeing Worst Drop Since Early May

Last week’s stock market rally is a distant memory

Stocks are extending this morning’s rout, with all three major indexes sharply in the red midday. Ahead of another Fed-heavy week, the Dow Jones Industrial Average (DJIA) is headed for its second-straight triple-digit loss, and worst single-session drop since May 2. Elsewhere, oil prices are cooling off as well, with July-dated crude last seen 2.2% lower at $70.38 per barrel. 

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

  • Analyst pumps the brakes on Palantir stock.
  • Behind this biotech stock’s record highs.
  • Plus, call traders eye SPCE gains; GNRC stays hot; and a dinged insurance stock. 

Virgin Galactic Holdings Inc (NYSE:SPCE) is seeing an influx of options activity today. At last check, 87,000 calls and 29,000 puts have been exchanged, for volume that is six times the average intraday amount. SPCE was last seen 18.2% higher at $5.59, on track for its highest close since Feb 28. Year-to-date, the security boasts a 59.5% lead.

Generac Holdings Inc. (NYSE:GNRC) is near the top of the S&P 500 Index (SPX) today, last seen 6.8% higher to trade at $127.50. Although there’s no specific catalyst driving this price action, GNRC is now heading toward its highest close since March 3. Generac stock is up 26.7% so far in 2023.

One of the worst stocks on the New York Stock Exchange (NYSE) is Lemonade, Inc. (NYSE:LMND), down 10.1% to trade at $17.71 at last check. Morgan Stanley initiated coverage on the insurance provider with an “underweight” rating and $14 price target. LMND is still up over 28% this year, while its 30-day moving average could contain this pullback.