Dow Jones Industrial Average Holds Gains Despite 'Brexit,' Yellen Jitters

The 'Materially Undervalued' Cybersecurity Stock

by Josh Selway

Published on Jun 21, 2016 at 12:12 PM
Updated on Jun 21, 2016 at 12:12 PM

The Dow Jones Industrial Average (DJIA) is trading in a tight range today, with the upcoming "Brexit" vote limiting stocks' upside. What's more, traders are listening closely to comments from Fed Chair Janet Yellen, who began her two-day testimony before Congress earlier. Yellen reiterated her concern over Thursday's vote in the U.K., and said that amid an apparent slowdown in the labor market, the Fed's "cautious approach ... remains appropriate." Meanwhile, oil prices are falling, as fresh reports out of Nigeria send July-dated crude futures down 2.1% at $48.35 per barrel. 

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

Midday Market Stats June 21

Adobe Systems Incorporated (NASDAQ:ADBE) is among the stocks with unusual call volume, with the contracts crossing at four times the expected intraday rate ahead of the tech firm's earnings report, due after the close. This is far from unusual, though, as bullish options traders have been targeting ADBE for weeks. The stock was last seen 0.6% higher at $98.60, just below its record high of $100.56 from last month. 

Symantec Corporation (NASDAQ:SYMC) 
is outperforming on the Nasdaq once again, as the software stock seemingly can't be stopped following last week's huge M&A news. SYMC surged to an annual high yesterday, thanks to a bullish analyst note, and has added another 1.3% today to hit $20.74. 

Daily Chart of SYMC June 21

Conversely, Viacom, Inc. (NASDAQ:VIAB) is one of the worst performers on the Nasdaq, despite this morning's bullish analyst attention. VIAB was last seen 3.2% lower at $43.42, though the stock is holding above its year-to-date breakeven level. 
The CBOE Volatility Index (VIX) is up 0.1 point, or 0.3%, at 18.43. 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.56, with puts outnumbering calls. The SPY is up 0.4 point, or 0.2%, at $208.29. 

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