Reports are swirling that global oil producers may be ramping up production
The Dow Jones Industrial Average (DJIA) has spent the session trading in negative territory -- down triple digits at one point -- amid stiff post-earnings downside for General Electric shares. The Dow is now on track to suffer its second straight day of losses, with the Nasdaq Composite (COMP) set to snap its 10-session winning streak -- the longest in more than two years -- and the S&P 500 Index (SPX) retreating from yesterday's record high.
Political upheaval in D.C. is only adding to the risk-off backdrop, while declining oil prices are weighing on energy stocks. At last check, September-dated crude futures were down 1.6% at $46.17 per barrel, on reports of increased production in several Organization of the Petroleum Exporting Countries (OPEC) countries.
Continue reading for more on today's market -- and don't miss:
- The drug stock our senior equity analyst is watching ahead of earnings.
- Analysts: Record highs ahead for these 3 stocks.
- Plus, a big pre-earnings put trade on Foot Locker; ISRG finds familiar support; and Cintas shares hit new highs.
Among the stocks with unusual options volume is Foot Locker, Inc. (NYSE:FL), with more than 18,000 puts traded -- 14 times what's typically seen at this point in the day, and a new 52-week single-session peak. Most of the action has centered at the August 40 and 45 strikes, where it looks like one speculator may have initiated a long put spread for an initial cash outlay of $747,500 (6,500 contracts per spread * $1.15 net debit paid * 100 shares per contract), expecting FL to settle at $40 at expiration on Friday, Aug. 18 -- the day after the athletic apparel retailer reports earnings. FL stock is down 2.5% today at $46.80.
Intuitive Surgical, Inc. (NASDAQ:ISRG) is one of the biggest decliners on the S&P, as a cautious outlook over selling prices overshadows an earnings beat and round of bullish brokerage notes. ISRG is 3.4% lower at $939.17, though today's losses are being contained by familiar support at the 20- and 30-day moving averages.
Cintas Corporation (NASDAQ:CTAS) is one of the leading advancers on the SPX, after the business support name's strong earnings report was met with no fewer than three price-target hikes. CTAS stock has surged 8% to trade at $136.95, and earlier hit a record high of $139.39.