The DJIA has plunged more than 460 points, as oil pans levels not seen since 2003
Bears have forcefully regained control of the market today, with the Dow Jones Industrial Average (DJIA) staring at a 400-plus-point loss at midday -- and easily surrendering its short-lived perch atop 16,000. Things aren't much better for the S&P 500 Index (SPX) and Nasdaq Composite (COMP), either, with the former lingering near levels not seen since October 2014 and the latter down nearly 3%. The CBOE Volatility Index (VIX), meanwhile, is beginning to show signs of life -- up 14.3%.
Sparking the day's sell-off is a steep drop in oil -- which also sent global markets tumbling -- with February crude futures sinking to 12-year lows on concerns of a global supply glut. Disappointing earnings from a handful of big-cap names are only exacerbating the selling pressure, with International Business Machines Corp. (NYSE:IBM) and Goldman Sachs Group Inc (NYSE:GS) wallowing in red ink following their respective results.
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Among the stocks with unusual call volume today is
General Electric Company (NYSE:GE), with the contracts crossing at 14 times the average intraday pace. According to
Trade-Alert, the majority of the action is apparently a result of one trader closing a January 2017 30-35
long call spread ahead of the company's turn in the earnings confessional
later this week. Most recently, the blue chip was off 3.3% at $27.55.
Wynn Resorts, Limited (NASDAQ:WYNN) is one of the leading laggards on the S&P 500 Index today. It's already been a tough year for the shares, thanks in part to disappointing casino data out of Macau, with WYNN down 23% in 2016. Today, the shares are off 10.2% at $53.16, but finding support in the $50-$52 region -- an area that's helped contain pullbacks since October.

Microchip Technology Inc. (NASDAQ:MCHP), meanwhile, is bucking the day's bearish bias -- up 2.5% at $42.72 -- after the firm announced plans to buy Atmel Corporation (NASDAQ:ATML). In addition, B. Riley followed in the recent footsteps of Morgan Stanley, and raised its price target on the semiconductor stock to $61.50 -- never-before-seen territory.
The CBOE Volatility Index (VIX) is up 3.7 points, or 14.3%, at 29.78.
Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.57, with puts outpacing calls. What's more, SPY put volume is running at nearly twice the average intraday rate. SPY is off 2.6% at $183.21, and south of this critical area.