The DJIA is crumbling, as traders digest a sell-off in China and energy's swoon
The Dow Jones Industrial Average (DJIA) is staring at the prospect of a second straight triple-digit loss -- not to mention its lowest close of the year -- as crude oil pans fresh six-year lows, China's rout accelerates, and Fed speculation continues. Leading the bellwether south is blue chip Walt Disney Co (NYSE:DIS), down nearly 5% on bearish brokerage attention. Elsewhere, the Nasdaq Composite (COMP) has dropped firmly below the 5,000 millennium mark, which hasn't been breached on a daily closing basis since July 10.
Meanwhile, it's been a busy day on the economic front, with existing home sales hitting an eight-year high and Philadelphia manufacturing activity topping expectations. However, weekly jobless claims came in above projections, and the Conference Board's index of leading economic indicators surprisingly dipped.
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Among the stocks with notable option volume is NetApp Inc. (NASDAQ:NTAP), with the contracts running at six times the normal intraday pace. The data storage issue is up 4.6% at $31.18, thanks to the company's strong showing in the earnings confessional and a subsequent series of price-target hikes. NTAP's most active option is the weekly 8/28 30-strike put, which appears to be seeing sell-to-open activity.
One of the notable losers on the Nasdaq is Micron Technology, Inc. (NASDAQ:MU), down 5.2% at $15.08 -- and fresh off an annual low of $14.88. Weighing on shares of the chipmaker is yet another round of bearish brokerage attention.
One of the top gainers on the Big Board is Lumber Liquidators Holdings Inc (NYSE:LL), thanks to a bullish nod from Cantor Fitzgerald. At last check, shares of the flooring firm have soared over 11% to trade at $15.78, and test their 20-day moving average.
The CBOE Volatility Index (VIX) is up 1.9 points, or 12.7%, at 17.18.
Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 2.13, with puts more than doubling calls -- and running at twice the normal intraday pace. SPY was last seen down 2.5 points, or 1.2%, at $205.84.