Dow Jones Industrial Average Sheds Triple Digits as Fed Meeting Kicks Off

4 Airline Stocks Feeling the Heat

by Kirra Fedyszyn

Published on Jun 14, 2016 at 12:10 PM
Updated on Jun 14, 2016 at 12:17 PM

The Dow Jones Industrial Average (DJIA) has continued its trek south today, falling in step with oil prices. At last check, July-dated crude futures were down 1% at $48.37 per barrel. Risk-averse traders are hitting the exits as the Federal Open Market Committee (FOMC) kicks off their two-day policy-setting meeting -- and the "Brexit" vote looms. Additionally, declining Treasury yields are weighing on financial stocks, with credit card company American Express Company (NYSE:AXP) the leading decliner on the Dow. As anxiety intensifies -- and overshadows a relatively upbeat batch of economic data -- the Dow was most recently flirting with a triple-digit loss.

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

Midday Market Stats June 14

Among the stocks with unusual options volume at midday is SouFun Holdings Ltd (NYSE:SFUN), where calls are changing hands at a staggering rate. This incredible action comes in the form of 23,000 calls, nearly all of which have crossed at SFUN's August 5 strike. It appears quite a few traders are purchasing new positions here, expecting the shares to rally above the $5 level by the close on Friday, Aug. 19, when the options expire. At last check, SFUN was up 0.8% at $4.98 -- but still down nearly 33% year-to-date.

Yingli Green Energy Holding Co Ltd (ADR) (NYSE:YGE) is among the top performers on the New York Stock Exchange, adding 6.8% to $4.45 after reporting its first quarterly profit in nearly five years. Today's rally has the shares staring right at their year-to-date breakeven mark, as well as their 200-day moving average -- a trendline YGE hasn't topped in more than two years.


YGE Daily Chart June 14


Among the worst performers on the Nasdaq is drugmaker Revance Therapeutics Inc (NASDAQ:RVNC). The stock has given up 22% to $14.32 -- fresh off an all-time low of $13.21 -- after halting development on its topical 'crow's feet' treatment. The news also prompted a round of bearish brokerage notes.
     
The CBOE Volatility Index (VIX) is up 0.4 point, or 1.9%, at 21.36 -- its highest level in nearly four months.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.89, with puts essentially doubling calls. SPY was last seen down 1.2 points, or 0.6%, at $207.26.

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

A Schaeffer's exclusive!

The Expert's Guide

Access your FREE trading earning announcements 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


With This Lithium Stock, It Will Be Better to Be Too Early Than Too Late
Click to continue to advertiser's site.
American Airlines Drops on Jobs Update
American Airlines said it will reduce management and support staff by 30%
June Kicks Off With Slew of Economic Data
June begins with another round of retail earnings
With This Lithium Stock, It Will Be Better to Be Too Early Than Too Late
Click to continue to advertiser's site.