Energy Stocks, Oil Tank on OPEC Decision; Dow Flat

Chevron Corporation (NYSE:CVX) and Exxon Mobil Corporation (NYSE:XOM) are poised to plunge

Nov 28, 2014 at 8:19 AM
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After scoring record highs ahead of Thanksgiving, the Dow Jones Industrial Average (INDEXDJX:DJI) is just a hair's breadth above the flat line. Among Dow components in focus are energy issues Chevron Corporation (NYSE:CVX) and Exxon Mobil Corporation (NYSE:XOM), which are poised to plunge more than 3% apiece after the Organization of Petroleum Exporting Countries (OPEC) opted not to cut production. The cartel's decision yesterday has pressured crude oil futures deep into the red, south of $70 per barrel. Outside of commodities, Wal-Mart Stores, Inc. (NYSE:WMT) and its fellow retailers will be in the limelight in today's holiday-shortened session, as traders watch for early signs of Black Friday success.

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And now, on to the numbers...

Dow Jones Industrial Average, S&P and Nasdaq futures

Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are 1 point above fair value.

Market Statistics

The Chicago Board Options Exchange (CBOE) saw 913,352 call contracts traded on Wednesday, compared to 577,949 put contracts. The resultant single-session equity put/call ratio rose to 0.63, while the 21-day moving average remained at 0.59.

NYSE and Nasdaq summary

Volatility indices

Currencies and Commodities

  • The U.S. dollar index is 0.6% higher at 88.11.
  • Crude oil is down a whopping 6.1% at $69.20 per barrel, after OPEC opted to maintain current production rates.
  • Gold is 1.3% lower at $1,181.40 per ounce.
Currencies and commodities

Earnings and Economic Data

The Chicago purchasing managers index (PMI) will be released ahead of today's early 1:00 p.m. ET close. Additionally, Frontline (FRO) will announce earnings.

Overseas Trading

It was a mixed finish in Asia today. South Korea's Kospi shed nearly 0.1% on a surprise drop in industrial production in October, while Hong Kong's Hang Seng erased early gains as oil futures fell in the wake of OPEC's decision to maintain the status quo on production. On the flip side, Japan's Nikkei rallied 1.2% on the heels of a cooling yen, while China's Shanghai Composite soared 2% to finish at a new three-year high -- and notch its heftiest monthly gain in two years.

European benchmarks are lower at midday, dragged down by energy stocks. In addition, traders are weighing an in-line report on eurozone inflation for in November, as well as Italy's unemployment rate edging to a record high of 13.2% last month. At last check, France's CAC 40 was 0.2% lower, Germany's DAX was down 0.3%, and London's FTSE 100 was trading with a 0.4% deficit.

Overseas markets

Unusual Put and Call Activity:

For an explanation of how to use this information, check out our Education Center topics on Option Volume and Open Interest Configurations.

Unusual options activity - puts

Unusual options activity - calls

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