Dow Jones Industrial Average Erases Triple-Digit Lead in Tug-of-War Session

The Level Apple Bears are Targeting

by Karee Venema

Published on Sep 29, 2015 at 12:12 PM

It appeared the Dow Jones Industrial Average (DJIA) was ready to rally following yesterday's 312-point smackdown, with the blue-chip barometer up more than 100 points at its intraday peak. Helping boost early gains was an unexpected rise in consumer confidence -- and, unlike in Asia, a rebound in energy names. However, the battle between bulls and bears is heating up, and, at last check, the 30-stock index had erased these gains.

Elsewhere, the Nasdaq Composite (COMP) is struggling to hold on to a modest advance at midday, despite a big biotech rebound. Meanwhile, the S&P 500 Index (SPX) could be on pace to break its five-session losing streak, but ran out of steam earlier near the overhead 1,900 mark. Goldman Sachs cut its end-of-year forecast for the SPX to 2,000, which would mark the barometer's first year-over-year loss since 2011.

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

 

150929mmc

Among the stocks with notable put activity is Novavax, Inc. (NASDAQ:NVAX), with the contracts crossing at 17 times the average intraday rate. The stock plunged 7.6% at the open, despite news of a successful mid-stage study for its RSV vaccine. Since then, the equity has been seen on both sides of breakeven -- last trading down 0.5% at $8.13 -- and option traders are targeting the equity's October 9 puts.

One of the top decliners on the Nasdaq is Esperion Therapeutics Inc (NASDAQ:ESPR), which is off more than 36% at $22.39. The drugmaker was hit with a round of price-target cuts -- including one from Credit Suisse to $51 from $86 -- after the Food and Drug Administration (FDA) requested additional information on its experimental cholesterol treatment, ETC-1002.

One of the biggest gainers on the Nasdaq is Republic Airways Holdings Inc. (NASDAQ:RJET). The stock is up 12.7% at $5.96, as reports the airline issue has come to a tentative agreement with pilots was met with a round of applause from the brokerage bunch. However, today's rally is running out of steam near the security's 80-day moving average.

150929rjet

The CBOE Volatility Index (VIX) is down 0.7 point, or 2.6%, at 26.92.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is1.52, with puts outweighing calls. SPY is up 0.5 point, or 0.3%,a t $188.55.


A Schaeffer's exclusive

TOP STOCK PICKS 2020

Access your FREE insider report before it's too late!


 
 

Partnercenter


NEW! Explore Schaeffer’s Partners' deals and get connected to top online brokerages with deals tailored exclusively for our readers.  Get answers to your questions regarding transfer fees, commission rates, programs and available discounts related to online trading services.

MORE | MARKETstories


IRA/401k: The Crash-Proof Retirement Plan
Use gold to protect any IRA, 401(k), or retirement account from a looming financial crisis.
Stocks Eye Notable Weekly Gains on 3-Day Surge
Stocks are eyeing big weekly gains
WW Stock Brushes Off Bull Note
Morgan Stanley upgraded the Weight Watchers parent to "overweight" from "equal weight"
IRA/401k: The Crash-Proof Retirement Plan
Use gold to protect any IRA, 401(k), or retirement account from a looming financial crisis.