Dow Jones Industrial Average Down; S&P Struggles to Keep 2016 Lead

2 Crumbling Biotechs; Plus, One Retailer's Drastic Cost Cuts

by Karee Venema

Published on May 6, 2016 at 12:02 PM

disappointing jobs report from the Labor Department put pressure on the Dow Jones Industrial Average (DJIA) from the start of trading. In fact, not even rising oil prices -- June-dated crude futures are up 0.4% at $44.48 per barrel, as wildfires in Canada spread -- can save stocks, with the Dow on pace to notch a second straight week of losses. Elsewhere, the S&P 500 Index (SPX) is trying to hold its year-to-date lead, while the Nasdaq Composite (COMP) has slipped back into correction territory.

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

 Midday Market Stats May 6

Among the stocks with unusual option volume today is Yelp Inc (NYSE:YELP), with total volume running at 26 times the average intraday pace. Shares of YELP are up 20.1% at $25.72 -- following the online review site's stellar earnings and subsequent round of price-target hikes -- prompting one options bull to roll her long May 25 calls up to the 26.50 strike. YELP has been a long-term laggard, though, and hasn't seen the north side of $26.50 since Jan. 6.

Offshore drilling operator Atwood Oceanics, Inc. (NYSE:ATW) is one of the biggest percentage gainers on the New York Stock Exchange (NYSE), up 30.6% at $11.28. Last night, the company reported higher-than-forecast first-quarter profit -- which has the stock on pace to close north of its 30-week moving average for the first time in almost a year.

ATW weekly chart 

Square Inc (NYSE:SQ) is one of the biggest losers on the NYSE. The stock is off 20% at $10.48 after the payments processor turned in a dismal earnings report -- similar to fellow Jack Dorsey firm Twitter Inc (NYSE:TWTR) -- and was hit with a downgrade to "underperform" and price-target cut to $9 from $11 at Wedbush.

The CBOE Volatility Index (VIX) is down 0.1 point, or 0.8%, at 15.78.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.49, as puts outpace calls. The SPY is down 0.3 point, or 0.1%, at $204.69. 

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