Dow Jones Industrial Average Slumps With Bank, Energy Stocks

Where Will Stocks Go After The VIX Implosion?

Jul 5, 2016 at 12:07 PM
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The Dow Jones Industrial Average (DJIA) is getting smacked today, as a fresh wave of "Brexit"-inspired headwinds hits Wall Street -- with bank stocks Goldman Sachs Group Inc (NYSE:GS) and JPMorgan Chase & Co. (NYSE:JPM) leading the Dow lower. Energy stocks are also selling off, as August-dated crude futures slump 4.5% to $46.78 per barrel. This morning's reading on factory orders is doing little to inspire confidence, either, with the metric declining by a wider-than-expected 1% in May, following two consecutive months of growth.

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

Midday Market Stats July 5

Among the stocks with unusual call volume is Insys Therapeutics Inc (NASDAQ:INSY), with the contracts crossing at 24 times the norm. At last check, the stock is up 9.4% at $14.73, on a regulatory win for the biotech. It looks like options traders are betting on bigger gains, with buy-to-open activity detected at INSY's August 16 call.

Among the worst performers on the New York Stock Exchange is Harley-Davidson Inc (NYSE:HOG). After breaking out above its 200-day moving average on Friday amid unsubstantiated buyout buzz, the motorcycle stock is down 10.8% at $48.40, as downgrades at Baird and UBS overshadow a price-target hike to $54 from $50 at BMO.

HOG daily chart

Harmony Gold Mining Co. (ADR) (NYSE:HMY) is among the best performers on the Big Board, up 4.5% at $4.07. Gold stocks are higher amid revived "Brexit" concerns, and HMY is getting an added boost after an upgrade to "neutral" at Macquarie. The stock is within striking distance of a two-year high.
      
The CBOE Volatility Index (VIX) is up 10.9% at 16.37.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 2.15, with puts more than doubling calls. SPY is down 1.6 points, or 0.8%, at $208.34.

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