Dow Jones Industrial Average Recovers as Oil Prices Jump

The Little-Known Tech Stock Up Over 100% Today

by Josh Selway

Published on May 5, 2016 at 11:57 AM
Updated on Jun 24, 2020 at 10:16 AM

The Dow Jones Industrial Average (DJIA) is comfortably higher at midday, as traders show a stronger appetite for stocks after two days of heavy losses. Oil prices are booming due to the wildfires in Alberta, Canada, and reports that Libyan authorities are attempting to cut output. June-dated crude futures have jumped 3.5% to $45.30 per barrel, but lackluster economic data has hindered stocks' progress. In fact, the Nasdaq Composite (COMP) has flirted with negative territory, as Apple Inc. (NASDAQ:AAPL) continues to fall and Tesla Motors Inc (NASDAQ:TSLA) turns tail after an initial earnings jump.

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

Midday Market Stats May 5


Among the stocks with unusual put volume at midday is Caterpillar Inc. (NYSE:CAT). The contracts are crossing at almost twice the expected midday pace, as bears grow bold after David Einhorn's short-seller revelation. It appears traders are buying to open the May 72.50 put, betting on CAT to fall below the strike by the close on Friday, May 20, when the contracts expire. The stock was last seen 0.9% lower at $73.54. 

Semiconductor specialist and Apple supplier Qorvo Inc (NASDAQ:QRVO is one of the top gainers on the Nasdaq today, up 7.4% at $47.80, following the company's impressive quarterly earnings results -- which analysts appreciated. However, the shares are still down almost 32% in the past 12 months, and their descending 200-day moving average is looming right overhead. 

Daily Chart of QRVO May 5

Over on the New York Stock Exchange, one of the biggest losers is Mallinckrodt PLC (NYSE:MNK). The drugmaker is down 4.1% at $60.50, as the shares let off steam following their impressive post-earnings rally from Tuesday. 

The 
CBOE Volatility Index (VIX) is down 0.4 point, or 2.6%, at 15.64. 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.52, as puts outpace calls. The SPY is up 0.2 point, or 0.1%, at $205.19. 

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