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

4 Airline Stocks Feeling the Heat

Jun 14, 2016 at 12:10 PM
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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

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