Overseas Woes Sink Dow Jones Industrial Average; NYSE Halted

China, Greece Gang Up on Dow; Plus, a Tesla Buying Opportunity?

Jul 8, 2015 at 12:01 PM
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The Dow Jones Industrial Average (DJIA) is down more than 175 points amid panic in Chinese markets and uncertainty over Greece's future. Earlier, Greece officially requested a three-year loan from the European Stability Mechanism, though a more thorough reform proposal is expected later this week. The country could face bankruptcy or an exit from the eurozone if a deal with creditors isn't reached by Sunday. On the home front, the New York Stock Exchange (NYSE) temporarily suspended trading due to an apparent technical glitch -- something that also rocked this airline earlier. Looking ahead, the Fed's June meeting minutes are due out this afternoon, and Alcoa Inc (NYSE:AA) will unofficially kick off earnings season tonight -- which could have broad-market implications.

 

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

 

 

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Among the stocks with notable option volume is AA, which heads to the earnings confessional tonight. At last check, the contracts were running at triple the average intraday rate, with possible buy-to-open action transpiring at the weekly 7/10 and July 11-strike calls. On the charts, AA is down 3.8% at $10.64.

 

One of the top losers on the Big Board is China Zenix Auto International Ltd (NYSE:ZX), which has plummeted 18.8% to trade at $0.82 amid a sell-off in Chinese stocks. Earlier, shares of the wheel manufacturer touched a record low of $0.75.

 

One of the notable gainers on the Nasdaq is e-commerce issue Etsy Inc (NASDAQ:ETSY), up 6.4% at $14.17 despite the absence of a clear driver. In fact, the shares are on track to close above their descending 10-day moving average for the first time since mid-June.

 

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The CBOE Volatility Index (VIX) is up 2.4 points, or 14.6%, at 18.44.

 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 2.34, with puts more than doubling calls. SPY was last seen off 2.9 points, or 1.4%, at $205.13.

 

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