Dow Jones Industrial Average Swings Lower on Crude Oil

The Cloud Stock Burning Shorts; Plus, Jack Dorsey's Bad Day

by Alex Eppstein

Published on Mar 10, 2016 at 11:58 AM
Updated on Jun 24, 2020 at 10:16 AM

The Dow Jones Industrial Average (DJIA) started fast out of the gate, adding more than 100 points as stocks reacted positively to the European Central Bank's (ECB) massive stimulus announcement. However, the Dow has since reversed lower after ECB President Mario Draghi said he doesn't "anticipate it will be necessary to reduce rates further," and amid a decline in oil prices. Specifically, April-dated crude futures were last seen trading down 2.4% at $37.39 per barrel, after a scheduled meeting among oil producers was reportedly called off. Meanwhile, on the data front, jobless claims fell more than expected last week to their lowest level since October.

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

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Among today's stocks with unusual option volume is alternative energy issue Plug Power Inc (NASDAQ:PLUG), with the contracts running at six times the normal intraday rate. In the lead is the January 2017 2-strike call, where a 1,000-contract block was purchased earlier. PLUG is currently up over 9% at $2.08 on better-than-expected fourth-quarter revenue -- helping the stock overcome its recent post-earnings struggles.

Freshpet Inc (NASDAQ:FRPT) is one of top gainers on the Nasdaq, up 6.5% at $7.50. Boosting the pet food peddler, and helping it offset mixed brokerage notes, is a strong showing in the earnings confessional.

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One of the worst performers on the Nasdaq is alternative energy stock Canadian Solar Inc. (NASDAQ:CSIQ), following a weaker-than-expected revenue forecast. At last check, the shares are down 11.5% at $19.26.

The CBOE Volatility Index (VIX) is up 0.2 point, or 1.1%, at 18.54.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.53, with puts easily outstripping calls. At last check, SPY is down 0.7 point, or 0.4%, at $198.65.

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