Dow Jones Industrial Average Set to Snap Weekly Losing Streak

The Biotech Booming On a Historic FDA Move

by Karee Venema

Published on May 27, 2016 at 11:42 AM

The Dow Jones Industrial Average (DJIA) has traded in a relatively tight range so far today, ahead of this afternoon's highly anticipated speech from Fed Chair Janet Yellen and the long Memorial Day weekend. Yellen's 1:15 p.m. ET speech at Harvard University will follow this morning's mixed reading on first-quarter gross domestic product (GDP) and a steeper-than-expected decline in consumer sentiment. At last check, though, the Dow was in the green -- as stocks disregard a 0.7% drop in July-dated oil prices to $49.15 per barrel -- and is comfortably on pace to snap its worst weekly losing streak in two years.

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

Midday Market Stats May 27

Among the stocks with unusual options volume is Palo Alto Networks Inc (NYSE:PANW), with the contracts crossing at eight times the average intraday pace. The stock is down 12.4% at $129.79, after the cybersecurity firm's dreary guidance was met with backlash from the brokerage bunch. Some eleventh-hour options traders are eyeing more downside through tonight's close, with buy-to-open activity detected at PANW's weekly 5/27 128-strike put.

Big Lots, Inc. (NYSE:BIG) is one of the leading advancers on the New York Stock Exchange (NYSE), after the retailer defied the odds in the earnings confessional. At last check, BIG was up 10.3% at $49.26 -- and fresh off an annual high of $50.50 -- but running out of steam near the half-century mark, an area that's contained the stock since late 2014.

BIG weekly chart

Cliffs Natural Resources Inc (NYSE:CLF) is one of the biggest decliners on the NYSE, down 7.4% at $3.08. This negative price action is just more of the same for mining stock, considering it's shed 47% since hitting an annual high of $5.83 in late April.

The CBOE Volatility Index (VIX) is down 0.1 point, or 0.7%, at 13.34.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.16, with puts having the edge over calls amid a relatively low-volume session. SPY is up 0.4 point, or 0.2%, at $209.75.

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