Dow Jones Industrial Average, Bank Stocks Dive on Jobs Report; Gold Soars

2 Energy Stocks Burned by Analysts

by Josh Selway

Published on Jun 3, 2016 at 12:08 PM
Updated on Jun 24, 2020 at 10:16 AM

The Dow Jones Industrial Average (DJIA) is on pace to snap its two-day winning streak, as stocks react to this morning's dreadful jobs report. The disappointing payrolls data has slashed expectations for a June rate hike, pushing bank stocks deep into the red -- and Dow components Goldman Sachs Group Inc (NYSE:GS) and JPMorgan Chase & Co. (NYSE:JPM) significantly lower. Meanwhile, gold prices are soaring, with August-dated futures adding 2.4% at $1,242.20 per ounce. Traders are now looking ahead to this afternoon's speech from Fed Governor Lael Brainard and Monday's address from Fed Chair Janet Yellen for hints on when the Fed plans to raise interest rates.

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

Midday Market Stats June 3

Among the stocks with unusual options volume is Newmont Mining Corp (NYSE:NEM), with the contracts crossing at two times the average intraday pace. Eleventh-hour speculators are targeting the mining stock's weekly 6/3 35-strike put. Though it's unclear how options traders are positioning themselves at this strike -- which expires at tonight's close -- bearish betting has been the norm in NEM's options pits. The stock was last seen 8.2% higher at $35.01. 

Chipmaker Broadcom Ltd (NASDAQ:AVGO) is one of the best performing stocks on the Nasdaq today, after the company's impressive quarterly earnings results and onslaught of bullish brokerage notes. AVGO has added 5.2% at $162.90, and earlier hit an all-time high of $166, putting it on pace for an eighth straight post-earnings win


Daily Chart of AVGO June 3

Over on the New York Stock Exchange, one of the worst-performing stocks is Bank of America Corp (NYSE:BAC), after this morning's job report seemingly dimmed the chances of a June rate hike. The stock was last seen 4.5% lower at $14.28, though options traders are betting on a quick rebound

The CBOE Volatility Index (VIX) is up 0.02 point, or 0.2%, at 13.65. 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.40, as puts outnumber calls. SPY is down 0.8 point, or 0.4%, at $210.14 today. 

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

A Schaeffer's 39th Anniversary Exclusive!

8 Top Stock Picks for 2020

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


  
 
 

Partnercenter