Dow Jones Industrial Average Keeps Truckin' After GDP Revision

How Tesla Is Breaking the Mold; Plus, Can VIX Pops Predict SPY Moves?

by Josh Selway

Published on Aug 27, 2015 at 12:02 PM
Updated on Jun 24, 2020 at 10:16 AM

The Dow Jones Industrial Average (DJIA) is aiming for another triple-digit win -- and is in the black for the week -- as traders applaud this morning's upwardly revised gross domestic product (GDP) estimate and a rebound in China. The blue-chip index was up more than 300 points this morning, and is attempting to climb out of correction territory. Elsewhere, weekly jobless claims declined for the first time in over a month, pending home sales edged higher in July, and oil is on the mend. Investors are also keeping an ear toward the Fed's Jackson Hole retreat, which kicked off today. 

 

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

 

 

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Among the stocks with notable put activity is Apple Inc. (NASDAQ:AAPL), with the options running at 1.5 times the average intraday pace. However, it appears some traders are expecting the iPhone maker to continue moving higher through tomorrow's close, with sell-to-open activity detected at the weekly 8/28 110- and 111-strike pust. AAPL was last seen 1.9% higher at $111.82, after research firm IDC said the company is about to overtake Fitbit Inc (NYSE:FIT) in the wearable device market. 

News of a massive spending cut has Freeport-McMoRan Inc (NYSE:FCX) near the top of the Big Board today. The company announced its plans to reduce spending by nearly one-third during 2016. Shares of the commodity stock have jumped 16.7% to $9.24, as the equity recovers from multi-year lows

 

1-800-Flowers.Com Inc (NASDAQ:FLWS) is the biggest loser on the COMP today, due to fiscal fourth-quarter figures that missed expectations. The security boasted a 16.5% year-to-date lead coming into today, but the shares have given back 10.9% since the opening bell to trade at $8.55. 

 

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The CBOE Volatility Index (VIX) is down 3.9 points, or 13%, as the "fear gauge" moves closer to a closely watched level

 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.1, with puts outpacing calls. The SPY was last seen 3.7 points, or 1.9%, higher at $198.17. 


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