Dow Jones Industrial Average Runs Out of Steam; All Eyes on Apple

Why the S&P's September Returns Are Crucial; Plus, 3 Apple Suppliers to Watch

by Karee Venema

Published on Sep 9, 2015 at 11:53 AM
Updated on Sep 9, 2015 at 11:55 AM

big pop at the open has been erased, with the Dow Jones Industrial Average (DJIA) falling into the red -- and failing to join its counterparts on the other side of the correction line. This morning's initial price action was buoyed by a sharp rally overseas, and continued stimulus talk out of China. However, Wall Street has since been digesting a 14-year high (at least) in July job openings, which comes ahead of next week's highly anticipated Fed meeting. This afternoon, all eyes will be on Apple Inc. (NASDAQ:AAPL), which will host its big product reveal.

 

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

 

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Among the stocks with notable call volume is Yahoo! Inc. (NASDAQ:YHOO), with the contracts crossing at seven times the average intraday pace. Despite disappointing news from the IRS and some negative analyst attention, shares of the Internet issue are up 1% at $31.22. It appears one speculator is rolling the dice on more upside, as Trade-Alert suggests a long call spread is being initiated with YHOO's January 2016 37 and 42 strikes.

 

One of the biggest losers on the Nasdaq is pharmaceutical firm Tetraphase Pharmaceuticals Inc (NASDAQ:TTPH). The shares have surrendered 79% of their value to churn near $9.46 -- and are fresh off a new annual low of $9 -- after dismal drug data was met with a round of downbeat brokerage notes.

 

On the flip side, drugmaker Akebia Therapeutics Inc (NASDAQ:AKBA) is one of the top gainers on the Nasdaq. Well-received drug data and a bevy of bullish brokerage notes have sent the shares soaring 51.6% to $11.84. However, the day's upside is being contained by AKBA's recently formed 320-day moving average.

 

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The CBOE Volatility Index (VIX) is down 0.5 point, or 2%, at 24.41 -- and earlier breached the critical 23.90 mark.

 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.30, with puts outpacing calls. SPY is up 0.4 point, or 0.2%, at $197.85.

 


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