The COMP is eyeing its longest weekly winning streak since 2009, following Fed Chair Janet Yellen's relatively hawkish remarks
The
Dow Jones Industrial Average (DJIA) was up nearly 124 points at its intraday peak, as stocks initially reacted positively to Fed Chair Janet Yellen's remarks. Specifically, the central bank leader said the case for raising interest rates "has strengthened in recent months" -- which came as little surprise, given the generally
hawkish tone of other Fed officials of late. Speaking of which, St. Louis Fed President James Bullard earlier suggested September might be a good time for a rate hike, while Cleveland Fed President Loretta Mester waxed optimistic on the economy's prospects through year-end, despite a
downwardly revised gross domestic product (GDP) reading. However, the Dow has since performed an about-face, dropping into the red, though the
Nasdaq Composite (COMP) remains comfortably higher, and on pace for a
ninth straight weekly win -- its
longest since April 2009.
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Among the stocks with unusual options volume is Autodesk, Inc. (NASDAQ:ADSK), where the contracts are crossing at 10 times the usual intraday rate. According to International Securities Exchange (ISE) data, buy-to-open activity is confirmed at the January 2017 70-strike call. The bullish bets have been prompted by an upbeat earnings report and a raft of price-target hikes, which have sent ADSK 6.5% higher to $67.87 -- and to a record peak of $67.95 earlier.
The top stock on the Nasdaq is Eagle Bulk Shipping Inc (NASDAQ:EGLE), up over 48% at $10.48. The transportation stock was halted earlier on volatility, though the catalyst remains unclear.
One of the worst performers on the New York Stock Exchange is video game seller GameStop Corp. (NYSE:GME), down 8.7% at $29.37. The retailer reported lackluster quarterly sales, which prompted Baird to weigh in bearishly.
The CBOE Volatility Index (VIX) is off 0.1 point, or 0.5%, at 13.56.
Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.10, with puts outstripping calls. Currently, SPY is 0.4 point, or 0.2%, lower at $217.27.
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