Investors returned from the long weekend break in a bearish mood. The threat of conflict with North Korea came back into focus, while a sharp selloff in financials stocks weighed on benchmark indexes. The Dow Jones Industrial Average fell more than 150 points. Delta Air Lines Inc. (DAL) moved lower after reducing a key passenger metric for its third quarter. Passenger unit revenue is expected to climb by 2% to 3% over the period, lower than previously targeted. Operating margins were also lowered. Factory orders retreated at a slightly faster pace than anticipated in July. New orders for U.S. manufactured goods fell by 3.3% percent, its steepest decline in nearly three years. Walt Disney Co. (DIS) was upgraded to OUTPERFORM from MARKET PERFORM at Wells Fargo. Analysts changed their rating based on Disney's improved direct-to-consumer streaming strategy.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Breaking down an approach to the long side of this biotech stock.
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