Dovish Yellen Sends Dow Jones Industrial Average to New High

QQQ Crash Protection Premium Spikes

Karee Venema

Jul 12, 2017 at 11:57 AM

While yesterday's volatile session ended in a wash, the Dow Jones Industrial Average (DJIA) is trading up triple digits at midday, after earlier hitting a new intraday record high. Stocks are reacting to Fed Chair Janet Yellen's relatively dovish congressional testimony, with her appearance before the House Financial Services Committee currently underway. While supporting the Fed's case for gradual rate hikes, Yellen said interest rates "would not have to rise all that much further" to reach a "neutral" policy stance.

The Fed will continue to be in focus this afternoon, with the 2 p.m. ET release of the Beige Book. Shortly after this, Kansas City Fed President Esther George is slated to speak on the central bank's balance sheet.

Continue reading for more on today's market -- and don't miss:

Bernie Schaeffer examines a big spike in the QQQ crash protection premium.
The penny stock spiraling on a downgrade.
Plus, FCX options traders load up on calls; the utility name at new highs; and a bouncing drug stock.

midday market stats july 12

Among the stocks with unusual options volume is Freeport-McMoRan Inc (NYSE:FCX), with roughly 26,000 calls traded so far, doubling the typical intraday activity. Buy-to-open activity has been detected at the September 14 call -- the mining name's most active option -- as traders eye a big bounce over the next two months. FCX stock was last seen trading down 1.3% at $12.42, after a downgrade to "sell" at Berenberg.

NRG Energy Inc (NYSE:NRG) is near the top of the New York Stock Exchange (NYSE) after the integrated power company unveiled a plan to sell up to $4 billion in assets over the next three years. NRG stock is trading up 18.3% at $19.28, after earlier tagging a new 22-month high of $19.77.

nrg stock daily price chart july 12

Cara Therapeutics Inc (NASDAQ:CARA) is one of the biggest gainers on the Nasdaq, after the biotech reported positive data for its kidney drug. CARA stock has sold off sharply since hitting a record high in late June, but was last seen trading up 7.5% at $13.50.

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