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It looked like another relatively ho-hum day for Wall Street, as stocks spent most of the morning cautiously higher. Bolstering equities were well-received reports on housing and consumer confidence, which helped the S&P 500 Index (SPX) to a fresh all-time high. However, the tide quickly turned in afternoon trading, as reports of escalating violence in Iraq overshadowed encouraging economic data, sending the major market indexes into the red. Against this backdrop, the Dow Jones Industrial Average (DJIA) -- which came within 9 points of its own record peak -- surrendered triple digits on the day.

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

  • Short-term bulls bet on Cisco Systems, Inc. (NASDAQ:CSCO) to rally through the troublesome $25 level.
  • Schaeffer's contributor Adam Warner explains the "theoretical volatility disconnect" that's being priced into the U.S.A.'s World Cup odds.
  • With monthly auto sales due out next week, options volume revved higher on Ford Motor Company (NYSE:F) and General Motors Company (NYSE:GM).
  • Plus ... Reports of Syrian air strikes, consumer confidence climbs, and option traders sour on Nokia Corporation (ADR) (NYSE:NOK).
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The Dow Jones Industrial Average (DJI - 16,818.13) turned lower around midday, ultimately giving up 119.1 points, or 0.7%. Just four of the Dow's 30 components eked out a win, led by Intel Corporation's (NASDAQ:INTC) 0.9% gain. Exxon Mobil Corporation (NYSE:XOM) fell in step with the energy sector, losing 1.6% to lead the blue-chip laggards.

The S&P 500 Index (SPX - 1,949.98) followed suit, shedding 12.6 points, or 0.6%, after tagging a fresh all-time peak of 1,968.17 in early action. The Nasdaq Composite (COMP - 4,350.36) notched a 14-year high of 4,399.87, but eventually followed its peers lower, giving up 18.3 points, or 0.4%.

The CBOE Volatility Index (VIX - 12.13) skyrocketed as equities turned tail, jumping 1.2 points, or 10.5%, to end north of 12 for the first time in a week.



5 Items on Our Radar Today:

  1. Syrian warplanes struck targets in western Iraq, killing at least 50 people, The Wall Street Journal reported. U.S. Secretary of State John Kerry is urging Iraqi leaders to join forces to squash the insurgents. (Newsday)
  2. New home sales hit a six-year high in May, soaring a stronger-than-expected 18.6% to a seasonally adjusted annual rate of 504,000 units, the Commerce Department said. Meanwhile, the S&P/Case-Shiller 20-city home price index rose 1.1% and 10.8% month-over-month and year-over-year, respectively, in April. (CNBC; Los Angeles Times)
  3. The Conference Board's consumer confidence index spiked to 85.2 in June, marking the loftiest level since January 2008. (Reuters)
  4. Nokia Corporation (ADR) (NYSE:NOK) option traders are starting to wave the bearish flag.
  5. Sirius XM Holdings Inc. (NASDAQ:SIRI) option speculators bet on a summer breakout.

For a look at today's options movers and commodities activity, head to page 2.

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