Dow Jones Industrial Average Wavers as Oil Slips

How Facebook Traders Reacted to a Major Glitch

by Kirra Fedyszyn

Published on Mar 28, 2016 at 12:01 PM

After starting the day in positive territory, the Dow Jones Industrial Average (DJIA) has erased most of its intraday gains following a dip in oil prices. At last check, May crude futures are trading down 0.7% at $39.18 a barrel. Meanwhile, traders have been digesting today's round of economic data, including a rise in pending home sales and tepid gains in consumer spending and incomes. Should the Dow lose its foothold on positive territory, it could be on track for a fourth consecutive daily loss. 

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

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GameStop Corp. (NYSE:GME) is among the stocks with unusual option volume at midday, with nearly 8,000 calls and about 8,500 puts crossing the tape so far -- representing four times GME's expected intraday volume. Today's surge in speculative trading activity coincides with a 0.2% drop in the stock to $30.20 following a late-Thursday revenue miss.

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) is among the top performing stocks on the Nasdaq, up 20% at $24.36 on upbeat drug news. However, ACAD is still off nearly 32% in 2016, and today's rally has fizzled near the site of its 80-day moving average, currently located at $25.32.

Among the worst performers on the New York Stock Exchange today is streaming music giant Pandora Media Inc (NYSE:P), off 9.2% at $9.93 on news that CEO Brian McAndrews is leaving, and will be replaced by the company's founder. The stock was recently turned away by resistance at its 20-week moving average, which hasn't been surmounted on a weekly closing basis since last October.

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The CBOE Volatility Index (VIX) is 0.68 point, or 4.6%, higher, at 15.42.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.52, with puts significantly outnumbering calls. SPY was last seen off 27 points, or 0.1%, at $202.84.

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