Dow Jones Industrial Average Gets Drilled; S&P Breaches 2,000

S&P Breaches 2K; Plus, 2 Bombing Bank Stocks

Jun 27, 2016 at 11:59 AM
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For a second straight session, the Dow Jones Industrial Average (DJIA) is staring at a triple-digit loss, as stocks continue selling off on last week's surprise "Brexit" vote. In fact, both the Dow and the broader S&P 500 Index (SPX) have breached their respective 200-day moving averages for the first time since March, with the latter now testing the key 2,000 millennium level. Meanwhile, oil prices are reeling amid global concerns over energy demand -- at last check, August-dated crude futures have pulled back 2.4% to $46.52 per barrel.

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

midday market stats june 27

Among the stocks with unusual call activity is java giant Starbucks Corporation (NASDAQ:SBUX), as the contracts are flying off the shelves at seven times the expected intraday rate. According to Trade-Alert, it looks like much of the activity came at the hands of one speculator who seemingly rolled her long weekly 7/22 56- and 56.50-strike calls down to the 55 strike, with the transaction accounting for 40,000 total contracts. SBUX is down 1.4% at $53.93.

Ryanair Holdings plc (ADR) (NASDAQ:RYAAY)
is one of worst performers on the Nasdaq, amid warnings that the U.K.'s decision to leave the European Union (EU) could hurt the profitability of travel companies. At last check, RYAAY was seen 14% lower at $66.76, and earlier touched an annual low of $66.09.

RYAAY daily chart

Among the top gainers on the Nasdaq is biotech GW Pharmaceuticals PLC - ADR (NASDAQ:GWPH), up 9.2% at $91.00. Sending the stock sky-high is upbeat drug data, plus a price-target hike to $138 from $130 at Leerink.
      
The CBOE Volatility Index (VIX) has lost 1.7 points, or 6.6%, at 24.05.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.85, with puts outstripping calls. At last check, the SPY is down 3.5 points, or 1.7%, at $199.65  -- and south of $200 for the first time since March.

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

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