Ahead of Fed, GDP Weighs on Dow Jones Industrial Average

Pre-Fed GDP Drags Dow Lower; Plus, 4 Stocks on the Short-Sale Restricted List

Apr 29, 2015 at 11:47 AM
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The Dow Jones Industrial Average (DJIA) remains lower at midday, with the early gross domestic product (GDP) reading signaling slower-than-expected economic growth during the first quarter. Traders are left wondering what another meager economic report will mean for the Federal Open Market Committee's (FOMC) latest policy decision, due out later today. One report that didn't disappoint, however, was the National Association of Realtors' pending home sales index, which was near its highest mark in almost two years. Elsewhere, a slimmer-than-anticipated increase in oil inventories has crude moving higher.

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

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 Among the stocks with notable put activity is Wynn Resorts, Limited (NASDAQ:WYNN), with the contracts crossing at 12 times the expected intraday rate. Data suggests buy-to-open activity taking place at the weekly 5/1 110-strike put -- the equity's most popular contract. This means traders are betting on shares of the casino name to extend today's earnings-induced slide and breach $110 by week's end. Interestingly enough, the stock bottomed at $109.20 earlier -- a two-year low -- and was last seen 15% lower at $110.80.

MicroStrategy Incorporated (NASDAQ:MSTR) is one of the top gainers on the Nasdaq at midday, after the company's first-quarter profits exceeded forecasts. Shares of the software provider were last seen 14% higher at $193.41, and earlier touched a 14-year high of $197.89. MSTR is also benefiting from a price-target hike to $210 from $187 at JMP Securities.

Looking over to the Big Board, United States Steel Corporation (NYSE:X) is one of the biggest losers, stumbling 11% to $23.82, due to disappointing first-quarter numbers and downwardly revised guidance. However, the stock could find support atop its 10-week and 20-week moving averages.

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The CBOE Volatility Index (VIX) is surging higher, up 1 point, or 8.1%, at 13.41.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.94, with puts easily outstripping calls once again. SPY was last seen down 0.8 point, or 0.4%, at $210.63.

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