Manufacturing Data Lifts Dow Jones Industrial Average Off Lows

The $8 Billion Alibaba Snub

Jun 1, 2016 at 12:09 PM
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The Dow Jones Industrial Average (DJIA) has pared a portion of its triple-digit deficit, as stocks react to the latest batch of domestic economic data. Most notably, the Institute for Supply Management's (ISM) manufacturing index revealed continued expansion in May, coming in at an estimate-beating 51.3. Meanwhile, Markit's final purchasing managers index (PMI) for May edged up slightly from the flash reading, last month's auto sales declined, and construction spending in April fell the most since January 2011. Also pressuring stocks is oil prices -- which continue to wane -- with July-dated crude futures last seen 1.6% lower at $48.32 per barrel. 

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

Midday Market Stats June 1

Among the stocks with unusual options volume is Costco Wholesale Corporation (NASDAQ:COST), as the retail stock gains in light of Goldman Sachs' bullish note. Call volume on COST today currently sits in the 95th annual percentile, with the weekly 6/3 150-strike put standing as the most popular option. However, it looks like traders may be selling-to-open the option, betting on COST to hold above $150 through the end of this week, when the options expire. The stock was last seen 2.6% higher at $152.61. 

Michael Kors Holdings Ltd (NYSE:KORS) is near the top of the New York Stock Exchange today, gaining 6.2% at $45.38. Shares of the retail stock are on the rise following the company's impressive quarterly results. With today's pop, KORS is on pace to close above its 20-day moving average for the first time since May 2. 

Daily Chart of KORS June 1

One of the worst performing stocks on the Big Board is Freeport-McMoRan Inc (NYSE:FCX), as the commodity stock falls with oil prices. FCX was last seen down 5.1% at $10.52, on pace for its first close below its 60-day moving average since mid-February. 

The CBOE Volatility Index (VIX) is up 0.4 point, or 2.7%, at 14.57. 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.48, with puts outnumbering calls. The SPY is down fractionally at $209.78. 

Find out where the Dow lands right after the closing bell. Sign up now for Schaeffer's Market Recap

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