Dow Jones Industrial Average Turns Lower on Oil

Inside One Biotech's Big Breakout

by Alex Eppstein

Published on May 9, 2016 at 11:56 AM
Updated on May 9, 2016 at 12:05 PM

The Dow Jones Industrial Average (DJIA) started the day on the right foot -- thanks, in part, to Walt Disney Co (NYSE:DIS) -- but has since drifted into negative territory. Pressuring Dow stocks is a bearish reversal in oil prices, with June-dated crude futures last seen 2.6% lower at $43.50 per barrel. On the other hand, healthcare stocks are outperforming, and the S&P 500 Index (SPX) and Nasdaq Composite (COMP) are both trading higher. Meanwhile, things are quiet on the economic front, though Chicago Fed President Charles Evans spoke earlier, waxing optimistic about the state of the U.S. labor market.

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

 midday market stats may 9

Among the stocks with unusual option volume today is Chinese mobile security expert Qihoo 360 Technology Co Ltd (NYSE:QIHU), as the contracts are running at 11 times the average intraday pace. Digging deeper, buy-to-open activity is detected at the May 72.50 call. At last check, QIHU stock is down 3.8% at $70.70, after China announced it will restrict the amount of space sector peer Baidu Inc (ADR) (NASDAQ:BIDU) can give to in-search advertisements, following a student's death.

Depomed Inc (NASDAQ:DEPO)
is one of the biggest gainers on the Nasdaq, up 15.3% at $17.88 on a round of bullish analyst attention. Shares of the drugmaker are also benefiting from renewed M&A rumblings.

DEPO daily chart May 9
 

LendingClub Corp (NYSE:LC) is the biggest decliner on the New York Stock Exchange (NYSE), following the scandal-ridden exit of the financial firm's CEO. Specifically, the stock is down nearly 27% at $5.20, and earlier hit a record low of $5.18.

The CBOE Volatility Index (VIX) is up 0.1 point, or 0.8%, at 14.84.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.69, with puts handily outstripping calls. At last check, SPY was up 0.1 point, or 0.02%, at $205.78.

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