Dow Jones Industrial Average Dives 218; OECD, China in Focus

Dow Drops 200; Plus, Are You Ready to Start Trading Options?

by Josh Selway

Published on Nov 9, 2015 at 12:19 PM
Updated on Jun 24, 2020 at 10:16 AM

The Dow Jones Industrial Average (DJIA) is sliding at midday, giving back more than 200 points -- and its foothold in positive year-to-date territory. Weak Chinese trade data and a dreary global outlook from the Organisation for Economic Cooperation and Development (OECD) got the bearish ball rolling this morning. In addition, losses have been compounded by growing expectations for a December rate hike following Friday's stellar jobs report -- though the Fed fear may not be warranted. At last check, International Business Machines Corp. (NYSE:IBM) and Caterpillar Inc. (NYSE:CAT) are leading the blue chips lower, while the S&P 500 Index (SPX) and Nasdaq Composite (COMP) are also swimming in the red.


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

 

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Among the stocks with notable put activity is General Motors Company (NYSE:GM). The contracts are crossing at an accelerated rate, even after Barron's extremely bullish write-up on the stock. It appears traders are betting on the automaker to close below $35 by week's end, buying to open the weekly 11/13 35-strike put. The shares were last seen 0.3% lower at $35.65. 

One of today's big winners on the Big Board is Plum Creek Timber Co. Inc. (NYSE:PCL). The company is being bought by fellow timber concern Weyerhaeuser Co (NYSE:WY). The shares of PCL were last seen 16.1% higher at $46.77, and just off a two-year high of $47.02.

Among the leading losers on the Nasdaq is MannKind Corporation (NASDAQ:MNKD). The stock is down 15.6% at $2.43, and just hit a two-year low of $2.38, after failing to meet the Street's earnings expectations. It's been a rough quarter so far for the biotech, but that's not exactly surprising


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The CBOE Volatility Index (VIX) is up 2.5 points, or 17.3%. 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.86, with puts handily outnumbering calls. The SPY was last seen 2.5 points, or 1.2%, lower at $207.57. 


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