Wall Street's Selloff Continues as Rate Hike Anxieties Bubble

The Dow has shed 231 point by the midway mark

The major indexes are eyeing their third-straight day of losses as the market selloff deepens amid rising anxieties over rate hikes. Earlier, the European Central Bank (ECB) and the Estonian Central Bank Governor Madis Muller suggested a 75-point rate hike for the region’s own central bank for September, which poured even more cold water on already dampened sentiment. On top of cooling home prices, investors are also poring over the Conference Board’s consumer confidence index, which came in at a better-than-expected 103.2 in August, rising from July’s 95.3 reading. 

In response, the Dow Jones Industrial Average (DJI) is down 231 at the midway mark. The Nasdaq Composite (IXIC) and S&P 500 Index (SPX) are both suffering sizeable losses of their own, with the former also off triple digits. Meanwhile, oil prices are cooling amid concerns that sky-high inflation could ding demand for fuel, and West Texas Intermediate (WTI) crude for November delivery was last seen down 4.6%. 

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

  • Musk shaking up Twitter stock once more. 
  • What’s weighing on Bidu’s earnings beat
  • Plus, options bears bet big on PCG; HPCO surges past IPO; and LQDA loses patent dispute.

PG&E Corporation (NYSE:PCG) is seeing a pop in bearish options trading today, with 2,166 puts across the tape so far, which is eight times the intraday average. This is compared to just 270 calls. The most popular position by far is the weekly 9/2 12-strike put, where positions are being bought to open. PCG was last seen down 3.5% at $12.09, as it inches closer to its year-to-date breakeven level. The stock has added 36.1% year-over-year, though it’s running into a familiar ceiling at the $12.60 level once more. 

Hempacco Co Inc (NASDAQ:HPCO) is one of the best performing stocks on the Nasdaq today. The equity was last seen up 470% at $34.20, as its first day as a publicly traded stock gets underway. The hemp manufacturing company’s public offering consisted of 1 million shares of common stock priced at $6 per share. Earlier today, HPCO was trading at high at $41.80. 

Liquidia Corp (NASDAQ:LQDA), on the other hand, is one of the worst stocks on the Nasdaq, last seen down 27.6% at $5.60, following news that a judge turned down the company’s stay request related to a patent dispute with United Therapeutics (UTHR). LQDA broke back below recent support at the 20-day moving average for the first time since mid-July, though it’s still clinging to an 8.4% year-to-date lead. 

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