Dow Jones Industrial Average Sells Off; China, Oil in Focus

Why a 'Bidding War Could Emerge' on This Internet Stock

by Josh Selway

Published on May 3, 2016 at 12:06 PM
Updated on May 3, 2016 at 12:06 PM

The Dow Jones Industrial Average (DJIA) is down triple digits at midday, as China's weak manufacturing data fuels concerns about the global economy. Sliding oil prices are also weighing on stocks, with June-dated crude futures down 2.8% at $43.51 per barrel. Meanwhile, Apple Inc. (NASDAQ:AAPL) -- along with Pfizer Inc. (NYSE:PFE) -- is among just four Dow components in the black today, on pace to end its worst losing streak since the dot-com boom

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

Midday Market Stats May 3


Among the stocks with unusual options volume at midday is TripAdvisor, Inc. (NASDAQ:TRIP), as the company prepares to release first-quarter earnings after the close tomorrow. The online vacation planner's call options are trading at eight times the average midday pace, with the weekly 5/27 70-strike call and the May 70 call garnering the most attention. TRIP was last seen down 1.2% at $64.14.

Pfizer Inc. (NYSE:PFE) 
is among the best performers on the New York Stock Exchange today, after the company's impressive turn in the earnings booth. At last check, the Dow component is 3.5% higher at $33.96. While PFE has outperformed in 2016, the shares' rally today appears to be stalling just below their 12-month breakeven mark near $34. 

Daily Chart of Pfizer May 3

On Deck Capital Inc (NYSE:ONDK) is one of the top losers on the NYSE today, following the small business lender's disappointing earnings report and subsequent round of bearish analyst attention. The shares have gapped 32.4% lower to $5.61, earlier touching an all-time low of $5.35. 

The 
CBOE Volatility Index (VIX) has added 1.3 point, or 8.7%. 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 2.33, as puts more than double calls amid the broad-market sell-off. The SPY is down 2.5 points, or 1.2%, at $205.47. 

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