The DJIA is up triple digits, after New York Fed President William Dudley questioned a September rate hike
"If at first you don't succeed" seems to be the mantra of the
Dow Jones Industrial Average (DJIA) today, with the blue-chip barometer up triple digits at last check. However,
we've all seen this before; specifically, yesterday's massive reversal into the close. Nevertheless, a mix of bargain hunting, an upbeat durable goods reading, and
$15 billion buyout buzz has both the DJIA and the
S&P 500 Index (SPX) on track to
snap their six-session losing streaks -- the latter of which
flashed a signal not seen since 1987.
Also adding to the bullish bias are relatively dovish comments from New York Fed President William Dudley, who said, "From my perspective at this moment, the decision to begin the normalization process at the September FOMC meeting seems less compelling to me than it was a few weeks ago." Tomorrow kicks off
a highly anticipated central bank event.
Continue reading for more on today's market -- and don't miss:
Among the stocks with notable put volume is Oshkosh Corporation (NYSE:OSK), with the contracts crossing at 33 times the average intraday pace. The stock is up 4.4% at $40.21, after reports the company inked a massive defense contract was met with applause from the brokerage bunch. Option players, meanwhile, appear to be throwing in the towel on their bearish bets, selling to close their out-of-the-money September 35 puts.
The top gainer on the Big Board is oil-and-gas issue Cameron International Corporation (NYSE:CAM). The stock has popped 41% to trade at $59.95, after Schlumberger Limited (NYSE:SLB) put in a $14.7 billion cash-and-stock bid on the firm -- equating to $66.36 per share.
One of the biggest losers on the New York Stock Exchange is GrubHub Inc (NYSE:GRUB). The restaurant delivery service has plunged 8.2% to churn near $25.37 -- and just hit a record low of $25.06 -- after Barclays took a glass-half-full approach to the stock. Longer term, GRUB has shed almost half its value since topping out at an all-time peak of $47.95 in late March.
The CBOE Volatility Index (VIX) is down 1.3 points, or 3.7%, at 34.70. However, the market's "fear gauge" remains up 23.8% this week.
Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.58, with puts outpacing calls. SPY is up 2.9 points, or 1.6%, at $190.18.