Dow Jones Industrial Average Keeps Truckin' After GDP Revision

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

Aug 27, 2015 at 12:02 PM
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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. 


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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. 




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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