The DJIA is on track for a second straight day of losses, as tech earnings weigh
The
Dow Jones Industrial Average (DJIA) is trading lower for a second straight day, following
the latest batch of blue-chip earnings. In fact,
dismal earnings reactions for tech stocks
Microsoft Corporation (NASDAQ:MSFT) and Alphabet Inc (NASDAQ:GOOGL) have the
Nasdaq Composite (COMP) vastly underperforming its peers, and sinking into the red on a weekly basis. Only exacerbating today's risk-off backdrop -- and overshadowing bouncing oil prices, with June-dated crude futures 1.7% higher at $43.92 per barrel -- is Markit's flash purchasing managers index (PMI) for April, which fell to a six-year low, as well as a strengthening U.S. dollar, which is up against the euro and
the yen.
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Among the stocks with unusual put volume is
Freeport-McMoRan Inc (NYSE:FCX), with the contracts trading at five times the average intraday pace. The mining stock is up 2% at $11.75 -- and on track for
a big weekly win of more than 8% -- but one options trader is getting nervous ahead of next week's earnings report. Specifically, it looks like a big block of 44,578 June 11 puts was
bought to open for $1.10 apiece, or roughly $4.9 million.
Neothetics Inc (NASDAQ:NEOT) is one of the biggest percentage gainers on the Nasdaq, up 41.5% at $1.05. Helping boost the clinical-stage pharmaceutical firm is an amended credit agreement, but the stock still remains 93% below its Aug. 4 record peak of $15.05.
Hawaiian Holdings, Inc. (NASDAQ:HA) is one of the biggest percentage decliners on the Nasdaq, off 11.1% at $44.15. The regional airline's better-than-expected first-quarter earnings was met with a price-target hike to $48 from $36 at Cowen, yet the shares are on track to log their lowest weekly close since late February.
The CBOE Volatility Index (VIX) is down 0.1 point, or 0.9%, at 13.82.
Today's put/call volume ratio on the
SPDR S&P 500 ETF Trust (SPY) is 1.26, with puts having the edge over calls. SPY is down 0.5 point, or 0.3%, at $208.43.
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