Dow Jones Industrial Average Can't Stop the Bleeding

Dow Set for 7th Straight Loss; Plus, the 'Undervalued' Energy Name

Aug 7, 2015 at 12:15 PM
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The Dow Jones Industrial Average (DJIA) is extending early losses, with the blue-chip index now facing another triple-digit hole -- and a seventh-straight drop. Speculation continues on how this morning's nonfarm payrolls report could affect the Federal Reserve's rate-hike timing, as traders fear a September hike is now imminent, given the steady job growth in recent months. Meanwhile, oil continues to slide, and another down day among biotechs has the Nasdaq Composite (COMP) set to end the week more than 2% lower. 


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







Among the stocks with notable put volume is grocery chain Kroger Co (NYSE:KR). The contracts are crossing at a mind-bending 101 times the average pace, after one trader seemingly bought to open nearly 22,000 September 35 puts. The stock was last seen 2.6% lower amid the broad-market sell-off, at $37.72. 


One of the top gainers on the Nasdaq is Inc. (NASDAQ:STMP), after the company's second-quarter earnings beat and upwardly revised full-year guidance led to price-target hikes from Northland Capital (to $85) and Craig Hallum (to $87). Shares of the online mailing firm have added 24.5% to trade at $82.86, and earlier touched $85 -- a 15-year high. 


One of the top losers on the Nasdaq is Iconix Brand Group Inc (NASDAQ:ICON), which has fallen 22.7% to $15.15. The stock earlier touched a five-year low of $13.54, following the resignation of founder and CEO Neil Cole. The news has brought on a batch of bearish analyst notes toward the brands name, including a downgrade to "hold" from "buy" at Wunderlich, which also slashed its price target to $16 from $36. 




The CBOE Volatility Index (VIX) has added 0.5 point, or 3.6%, but, like yesterday, hit resistance at its 50-day moving average. 


Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.7, with put volume heavily outweighing call volume. SPY was last seen 1 point, or 0.5%, lower at $207.34. 




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