The DJIA has erased all of its triple-digit gain, ahead of AAPL's product reveal
A
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:
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.
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.