Dow Jones Industrial Average Eyes Another Comeback

2 Red-Hot Tech Stocks; Plus, Apple's Bad Day

by Josh Selway

Published on Jun 2, 2016 at 12:02 PM

The Dow Jones Industrial Average (DJIA) is mirroring Wednesday's price action, as stocks stage a midday comeback once again. Oil prices were hit hard early on reports the Organization of the Petroleum Exporting Countries (OPEC) left its output policy unchanged. However, a bigger-than-expected drop in domestic crude inventories has July-dated crude futures up 0.3% at $49.16 per barrel and the Dow just a chip-shot away from positive territory. Meanwhile, traders continue to digest today's jobs data, with the all-important nonfarm payrolls report on the immediate horizon. 

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

Midday Market Stats June 2

Among the stocks with unusual options volume is Oracle Corporation (NYSE:ORCL), with the contracts trading at 12 times the intraday average. The weekly 6/10 39-strike call is the most active amid what looks like mostly buy-to-open activity, while it appears another trader initiated a strangle with the weekly 7/8 35-strike put and 7/8 41-strike call. ORCL was 4.9% lower at $38.29 at last check, on news that a former employee is suing the tech company.

Qorvo Inc (NASDAQ:QRVO) is one of the best-performing stocks on the Nasdaq, as the semiconductor stock gets a lift from sector-wide tailwinds. QRVO is up 2.2% at $53.29, but that's nothing new. The shares have stormed higher in recent weeks, slicing through their 200-day moving average, and are now trading at six-month highs. 


Daily Chart of QRVO June 2

On the other end of the Nasdaq is Ocean Power Technologies Inc (NASDAQ:OPTT), which is moving sharply lower following yesterday's unbelievable surge. Shares of the renewable energy stock are down 26.2% at $4.46 -- though this still leaves them with a 112% year-to-date advance. 

The CBOE Volatility Index (VIX) is up 0.03 point, or 0.2%, at 14.23. 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.50, as puts outnumber calls. The SPY is down 0.2 point, or 0.1%, at $210.03. 

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

A Schaeffer's exclusive

6 Sectors for Summer

Access your FREE insider report before it's too late!


  
 

Partnercenter


NEW! Explore Schaeffer’s Partners' deals and get connected to top online brokerages with deals tailored exclusively for our readers.  Get answers to your questions regarding transfer fees, commission rates, programs and available discounts related to online trading services.

MORE | MARKETstories


The Next Big Player in U.S. MJ Boom
Most pure-play marijuana stocks in the U.S. trade on the Over-the-Counter stock exchange.
Wall Street Roars Higher Amid Civil Unrest
Investors weighed a mixed bag of jobs data
AstraZeneca Stock Flat Despite COVID-19 Vaccine News
AstraZeneca saw a rise in capacity for its COVID-19 vaccine candidate
The Next Big Player in U.S. MJ Boom
Most pure-play marijuana stocks in the U.S. trade on the Over-the-Counter stock exchange.