Dow Jones Industrial Average Nosedives; RUT Tests Key Level

Dow Nosedives; Plus, the Solar Stock Getting Burned

by Alex Eppstein

Published on Aug 19, 2015 at 12:02 PM

The Dow Jones Industrial Average (DJIA) is getting shelled ahead of this afternoon's Fed meeting minutes, down triple digits -- though the event could be a boon a little down the road. Also pressuring U.S. equities lower was some rough action overseas, and a brutal morning for crude oil, which hit another six-year low on a surprise pop in inventories. On the economic front, consumer prices rose for a sixth consecutive month -- though by less than expected -- despite a surge in housing costs. Meanwhile, the Nasdaq Composite (COMP) is testing the 5,000 millennium level, the broader S&P 500 Index (SPX) is drifting further below 2,100, and the Russell 2000 Index (RUT) is about to breach key support.

 

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Among the stocks with notable call volume is Target Corporation (NYSE:TGT), where calls are running at eight times the usual midday clip. The shares gapped up at the open on strong earnings and an upbeat full-year profit outlook, but are currently 0.9% lower at $79.60. Short-term options traders anticipate TGT will resume its rally, buying to open the weekly 9/4 85-strike call.

 

One of the biggest decliners on the Nasdaq is Web.com Group Inc (NASDAQ:WWWW), which has plunged almost 11% to trade at $21.18. Pressuring shares of the domain name registry are a recent data breach and some negative analyst attention.


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The top gainer on the Big Board is Arch Coal Inc (NYSE:ACI), on reports the commodity concern is looking to compromise with lenders opposed to a debt-swap -- which could allow ACI to avoid bankruptcy. At last check, the stock has jumped 41.3% to hover near $2.08, but is still 88% lower year-to-date.

 

The CBOE Volatility Index (VIX) is up 2.2 points, or 15.7%, at 15.95.

 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 2.14, with puts more than doubling calls. At last check, SPY is down 2.3 points, or 1.1%, at $207.63.


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