Schaeffer's Trading Floor Blog

Midday Market Stats: Dow Jones Industrial Average Plunges on Manufacturing Data

Sector peers Pfizer and Ariad Pharmaceuticals move in opposite directions

by 2/3/2014 12:15 PM
Stocks quoted in this article:

The Dow Jones Industrial Average (INDEXDJX:.DJI) has dropped 244.4 points, or 1.6%, to 15,454.45, pressured lower by a much weaker-than-expected ISM manufacturing index. Markit's final reading for January's purchasing managers manufacturing index (PMI) -- as well as construction spending numbers -- disappointed analysts, as well. Elsewhere, Janet Yellen was sworn in as chair of the Federal Reserve's board of governors earlier -- becoming the central bank's first female lead.

Here are a few noteworthy stats at midday:

  1. The equity put/call volume ratio across all 12 options exchanges checks in at 0.85, with calls outpacing puts. At last check, 4.78 million calls were on the tape, versus 4.15 million puts.

  2. Among the equities with notable call volume is Pfizer Inc. (NYSE:PFE), which is bucking the broad-market trend lower, gaining 3.3% to wink at $31.41. The rally comes on the heels of successful results from a mid-stage trial of a breast cancer treatment. At last check, 60.6% of PFE's options volume had crossed on the call side.

  3. The Nasdaq shows an advance/decline ratio of 0.23, with declining issues outstripping advancers by a greater than 4-to-1 count.

  4. One of the Nasdaq's noteworthy losers today is Ariad Pharmaceuticals, Inc. (NASDAQ:ARIA), which has fallen 7.4% to $6.84, despite a lack of notable news drivers.

  5. The CBOE Volatility Index (VIX) is 1.9 points, or 10.3%, higher at 20.30. The market's "fear gauge" is now on pace for its highest daily close since early October.

  6. The put/call volume ratio on the iPath S&P 500 VIX Short-Term Futures ETN (NYSEARCA:VXX) -- docked at $51.89 -- registers at 0.62, with call volume outweighing put volume.

View a real-time chart of the Dow Jones Industrial Average (INDEXDJX:.DJI).

Unusual Option Volume at Midday

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