The DJIA is trading higher as traders weigh a near-decade-high in homebuilder confidence against surprise drops in consumer prices and crude inventories
The
Dow Jones Industrial Average (DJIA) is muscling higher amid the kickoff of the Federal Open Market Committee (FOMC)
two-day policy meeting, which will culminate in the
most highly anticipated rate-hike decision in years. Meanwhile, traders are weighing an
unexpected decline in consumer prices -- their first since January -- against a
nearly 10-year high in homebuilder sentiment. Also, weekly crude stockpiles surprisingly dropped, sending liquid gold about 3% higher -- and helping energy stocks outperform the broader market.
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Among the stocks with notable put volume is beer baron Anheuser Busch Inev SA (ADR) (NYSE:BUD), as the contracts are changing hands at nine times the normal intraday pace. New positions are being initiated at the out-of-the-money October 100 put, which is the equity's most popular strike. BUD was last seen 6.2% higher at $114.72 amid takeover talks.
The biggest gainer on the Nasdaq is Intra-Cellular Therapies Inc (NASDAQ:ITCI), following upbeat drug data. Shares of the drugmaker are nearly 74% higher at $45.40, and fresh off a record peak of $48.
One of the worst performers on the Big Board is food pick-up platform GrubHub Inc (NYSE:GRUB), off 5.3% at $26.37. Pressuring the stock is a price-target cut to $25 from $30 at Cowen and Company, which is more of the same for the chronic underperformer.
The CBOE Volatility Index (VIX) is down 1.2 points, or 5.5%, at 21.30 -- on track for its lowest finish since Aug. 20.
Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.49, with puts outstripping calls. At last check, SPY is 1.2 points, or 0.6%, higher, at $199.66.