Dow Jones Industrial Average Cautiously Higher; Drugmakers Drag Nasdaq Lower

Everything You Need to Know About VIX Weekly Options

Oct 8, 2015 at 11:55 AM

The Dow Jones Industrial Average (DJIA) is waffling ahead of this afternoon's Fed minutes release and the unofficial start of earnings season, with the benchmark last seen slightly higher. Notably, a gain today would extend the Dow's winning streak to five sessions. The Nasdaq Composite (COMP), meanwhile, is decidedly lower as tech and healthcare stocks sink. On the economic front, weekly jobless claims fell more than expected -- and to a nearly 42-year low -- while a handful of retailers will be reporting September sales figures throughout the day.

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

Is Wall Street beginning to throw in the towel on Groupon Inc (NASDAQ:GRPN)?
All you need to know about the newly launched CBOE Volatility Index (VIX) weekly options.
Plus ... Checking in on the VIX, the SPDR S&P 500 ETF Trust (SPY), and other noteworthy stats at midday.

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Among the stocks with notable option volume is computer hardware firm EMC Corporation (NYSE:EMC), with the contracts running at seven times the average intraday rate. Currently, the stock is up 3.3% at $26.81, amid reports of a potential buyout. According to the International Securities Exchange (ISE), one short-term trader initiated a bull call spread at the October 27 and 28 strikes, perhaps to bet on a bid between $27 and $28 for EMC.

One of the notable decliners on the Big Board is burger joint Shake Shack Inc (NYSE:SHAK), thanks to a newly announced secondary offering. At last check, the stock was down 6.7% at $45.22.

Among the leading losers on the Nasdaq is drugmaker Pacific Biosciences of California (NASDAQ:PACB), down 8.6% at $7.13. Today's pullback may have been in the cards, though, as PACB's huge rally in recent sessions had lifted its 14-day Relative Strength Index to 82 -- firmly in overbought territory.

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The CBOE Volatility Index (VIX) is up 0.1 point, or 0.8%, at 18.54.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.60, with puts outpacing calls. At last check, SPY was off 0.1 point, or 0.1%, at $199.29.

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