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. 

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