The DJIA has trimmed most of its early gains, as traders await the upcoming FOMC policy decision
The Dow Jones Industrial Average (DJIA) was up by more than 165 points earlier, but has pared most of those gains amid a resuming downtrend in crude oil -- with January-dated futures last seen 2.7% lower at $36.33 per barrel, following a surprise build in U.S. stockpiles. Traders are also on pins and needles ahead of this afternoon's Fed policy statement and subsequent speech from Chair Janet Yellen, and short-term Treasury yields are flirting with six-year highs. Meanwhile, a raft of mixed data hit the Street earlier, including a sharper-than-forecast decline in industrial production, a three-year low in Markit's flash purchasing managers manufacturing index (PMI), and a nearly eight-year high in single-family housing starts.
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Among the stocks with elevated call volume is First Solar, Inc. (NASDAQ:FSLR), as the contracts are running at five times the usual intraday clip. With the stock up 8.5% at $64.90 on sector tailwinds -- and fresh off an annual high of $66.35 -- it's no wonder that bullish betting is picking up. Specifically, buy-to-open activity is detected at the December 65 and January 2016 67.50-strike calls -- FSLR's most active options.
One the biggest gainers on the Nasdaq is Array Biopharma Inc (NASDAQ:ARRY), after the drugmaker released upbeat late-stage trial results. At last check, ARRY was 21% higher at $4.64, and in territory not explored in about a month.
One of the notable losers on the Big Board is Global Payments Inc (NYSE:GPN), down 9.8% at $64.42, despite a round of price-target hikes and a $4.3 billion acquisition.
The CBOE Volatility Index (VIX) is off 0.9 point, or 4.1%, at 20.10.
Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.42, with puts outstripping calls. At last check, SPY is up 0.3% at $205.67.