The DJIA is up as crude oil prices rise -- and earnings season about to get underway
The Dow Jones Industrial Average (DJIA) was up nearly 155 points earlier, but has since given back the bulk of its gains with earnings season kicking off tonight -- and expectations low. Without any domestic data to digest, stocks are again taking their cue from another bounce in oil prices, with May-dated crude futures up 1.3% at $40.22 per barrel -- topping the round $40 level for the first time this month. Meanwhile, Fed Chair Janet Yellen's meeting with President Barack Obama is just around the corner, slated to start at 3 p.m. ET.
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Among the names with unusual option volume is aluminum giant
Alcoa Inc (NYSE:AA), ahead of tonight's
highly anticipated earnings report. The stock's options are trading at six times the expected intraday rate, and according to
Trade-Alert, one speculator sold to open 10,000 May 11 calls to help offset the cost of a newly initiated
long put spread totaling 20,000 contracts at the April 9 and 9.50 strikes. At last check, AA was up 3.7% at $9.72.
One of the top performers on the Big Board is
Barrick Gold Corporation (USA) (NYSE:ABX), up 5.3% at $15.99 -- and fresh off an annual high of $16.23. The gold stock is getting a boost from the latest
upbeat brokerage note to come its way.
Among the leading the losers on the Nasdaq is Clovis Oncology Inc (NASDAQ:CLVS), as the shares continue to reel in the wake of Friday's downbeat Food and Drug Administration (FDA) note. At last check, the biotech stock has tanked nearly 5% at $15.00, and recently touched a three-year low of $14.38.
The CBOE Volatility Index (VIX) was last seen 0.5% higher at 15.44.
Today's put/call volume ratio on the
SPDR S&P 500 ETF Trust (SPY) is 1.48, with puts easily outstripping calls. At last check, SPY was 0.2% higher at $204.93.
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