Dow Jones Industrial Average Lower as Pre-Fed Anxiety Builds

The Dow Jones Industrial Average (DJIA) is lower at midday, as oil prices retreat back into negative territory. At last check, July-dated crude futures were 0.6% lower at $48.78 per barrel. Additionally, uncertainty ahead of this week's central bank meetings is pressuring the Dow, with Microsoft Corporation (NASDAQ:MSFT) leading the way lower on news of the tech firm's $26 billion buyout of LinkedIn Corp (NYSE:LNKD). Against this skittish backdrop, the CBOE Volatility Index (VIX) has jumped to levels not seen since March 10.

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

• The disappointing drug news that's sent this stock spiraling roughly 70%.
• What's giving battered Valeant Pharmaceuticals Intl Inc (NYSE:VRX) some relief?
• Plus ... Checking in on the VIX, the SPDR S&P 500 ETF Trust (SPY), and other noteworthy stats at midday.

Dow component Intel Corporation (NASDAQ:INTC) is among the stocks with unusual options volume at midday. The shares are up 0.8% at $32.31, adding to Friday's iPhone-induced climb, and INTC calls are changing hands at twice their typical intraday rate. Specifically, about 22,000 calls are on the tape so far, with more than half of the action happening at the July 33 strike. It appears traders are purchasing new positions, expecting the stock to rally above $33 within the next five weeks.

Microblogging concern Twitter Inc (NYSE:TWTR) is one of the top performers on the Big Board, getting a halo lift from LNKD's huge buyout news. A recent string of option bulls should be cheering today, with the stock last seen up 5.7% at $14.82, while a round of short covering could send the shares even higher.

A top performer on Friday, Emerge Energy Services LP (NYSE:EMES) has reversed course to start the week as one of the worst performers on the New York Stock Exchange -- down 9.7% to $9.14, following a downgrade to "underperform" from "buy" at D. A. Davidson. The stock has roughly doubled so far in 2016, and after a huge spike to start off June, it looks like the shares may have been due for a breather.

The CBOE Volatility Index (VIX) is up 2.22 point, or 13%, at 19.25 -- a two-month high.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.56, with puts significantly outnumbering calls. SPY was last seen down 0.8 point, or 0.4%, at $209.26.

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