Dow Jones Industrial Average Drops 147; Oil, Fed in Spotlight

Don't Hold Your Breath for That Daily Fantasy IPO

by Josh Selway

Published on Nov 12, 2015 at 12:13 PM
Updated on Jun 24, 2020 at 10:16 AM

The Dow Jones Industrial Average (DJIA) ​is down triple digits at midday, as traders respond to oil's decline and the latest rate-hike chatter. Black gold is continuing its recent slide, after the Energy Information Administration reported a much bigger-than-expected jump in domestic stockpiles, marking the seventh straight weekly increase. Meanwhile, Fed Chair Janet Yellen offered few clues in her remarks at a Washington, D.C., conference this morning, but St. Louis Fed President James Bullard delivered a hawkish speech, suggesting data has hit the Fed's goal. On the flip side, Chicago Fed President Charles Evans opined that it could be "well into" 2016 before the Fed's inflation target is reached.

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Among the stocks with notable call activity is energy concern Sunedison Inc (NYSE:SUNE). The stock started the session exploring two-year lows, following the company's recent decision to slow sales in a key area. However, SUNE has bounced back, adding 2% to sit at $4.99. Calls are crossing at six times the normal intraday pace, with traders buying to open the weekly 11/13 4.50-strike call amid possible Alphabet Inc (NASDAQ:GOOGL) M&A chatter

One of today's big winners on the Nasdaq is restaurant name Popeyes Louisiana Kitchen Inc (NASDAQ:PLKI). The company last night blew past earnings expectations and raised its full-year outlook, and now the shares are 7.5% higher at $55. PLKI is set to close above its 10-day moving average for the first time since Oct. 29. 

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Among the leading losers on the Big Board is chemical stock LyondellBasell Industries NV (NYSE:LYB). The shares have moved 3.2% lower to $89.61, as chemical stocks follow oil lower. However, with a 50-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) put/call volume ratio of 3.36 -- which outranks 92% of readings from the past year -- it appears option traders are well positioned for the pullback. 

The CBOE Volatility Index (VIX) is up 0.8 point, or 5.2%. 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.22, with puts outnumbering calls. The SPY was last seen 1.5 points, or 0.7%, lower at $206.28. 

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