Dow Jones Industrial Average Winning Streak at Risk as Oil Prices Reverse

2 Energy Stocks Swinging Wildly

by Alex Eppstein

Published on Mar 8, 2016 at 12:01 PM

The Dow Jones Industrial Average (DJIA) is lower at midday, as stocks react to weak Chinese trade data and a sharp reversal in oil prices. Specifically, April-dated crude futures were last seen down 2.9% at $36.81 per barrel, after Kuwait said it would freeze production only if all other major exporters were on board and Goldman Sachs questioned a sustained rally in commodity prices. As such, the Dow is on track to snap its five-day winning streak, while the broader S&P 500 Index (SPX) has given up a temporary foothold atop the 2,000 millennium mark.

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Among stocks with unusual call volume is apparel retailer Urban Outfitters, Inc. (NASDAQ:URBN), with the contracts running at nine times the anticipated intraday rate. Most active is the in-the-money March 29 call, where traders may be buying to open positions in the hopes of extended upside through front-month expiration at next Friday's close. Most recently, URBN was seen 16.7% higher at $32.89, on the heels of a standout earnings report and positive analyst attention.

One of the biggest losers on the Nasdaq is JetBlue Airways Corporation (NASDAQ:JBLU), following a downbeat forecast on one key industry metric. At last check, the airline stock has declined 7.9% to trade at $20.18.

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Shake Shack Inc (NYSE:SHAK) is one of the leading laggards on the Big Board, sliding 11.2% to $37.54 on disappointing sales guidance and a price-target cut at Barclays. Shares of the restaurant chain are now in danger of closing below their 20-day moving average for the first time since mid-February.

The CBOE Volatility Index (VIX) is up 0.9 point, or 5.1%, at 18.24.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.88, with puts nearly doubling calls. SPY is currently down 1.6 points, or 0.8%, at $199.03.

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