The DJIA is set for its first win in four sessions
The Dow Jones Industrial Average (DJIA) is on pace to end a rough three-session losing streak, with the blue-chip index holding a triple-digit lead around midday. The Nasdaq Composite (COMP) and S&P 500 Index (SPX) are sporting similar gains, attempting to climb out of correction territory. On a busy day for economic data, the ADP private-sector jobs report is in the forefront; despite missing expectations, hiring picked up last month, which could help the case for a September rate hike. Now, all eyes will turn to the Fed's Beige Book for clues ahead of Friday's highly anticipated payrolls report.
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Among the stocks with notable put activity is Navistar International Corp (NYSE:NAV), with the contracts crossing at five times the midday average. However, it appears much of this activity could be from traders taking profits, considering shares of the military truck producer are 8.5% lower at $15.89, after the company reported disappointing quarterly numbers.
One of the top losers on the Nasdaq is biotech Ariad Pharmaceuticals, Inc. (NASDAQ:ARIA). The shares have given back 17.5% to $7.50, on news Baxalta Inc (NYSE:BXLT) is no longer interested in buying the company. The shares have given back nearly all their gains from Friday, when the M&A buzz began.
One of the top gainers on the Big Board is H & R Block Inc (NYSE:HRB), after the company's strong showing in the earnings confessional. With today's 6.9% gain to $35.23, the tax prep expert is back in the black in 2015, and is now within striking distance of the all-time high of $36.29 it hit about a month ago.
The CBOE Volatility Index (VIX) is down 2.3 points, or 7.2%, and back below the 30 mark.
Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.66, with puts outpacing calls. At last check, the SPY was up 1.2 points, or 0.6%, at $192.96.