Dow Jones Industrial Average, S&P Assail New Heights; JPMorgan in Focus

Is Tesla Just a 'Pile of Promises'?

Jul 14, 2016 at 12:07 PM
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The Dow Jones Industrial Average (DJIA) jumped triple digits out of the gate, and is once again reaching new all-time highs with the S&P 500 Index (SPX), with stocks bolstered by JPMorgan Chase & Co.'s (NYSE:JPM) promising earnings report, and news that the Bank of England (BoE) is opting to leave interest rates unchanged. Rebounding oil prices are also giving stocks a lift, with August-dated crude futures up 1.9% at $45.60 per barrel.

In economic news, weekly jobless claims remained stagnant, while the producer price index jumped 0.5% in June, slightly more than expected. Elsewhere, Atlanta Fed President Dennis Lockhart called for a "cautious and patient approach to policy in the near term," until the post-"Brexit" outlook is less cloudy, and later today Kansas City Fed President Esther George and Dallas Fed President Rob Kaplan are due to speak. 

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

Midday market stats 071416

Among the stocks with unusual option volume is restaurant operator Yum! Brands, Inc. (NYSE:YUM), with contracts crossing at seven times their usual pace. The stock was last seen up 3.5% at $88.60 -- territory not charted in nearly a year -- following a promising earnings report and subsequent price-target hikes.

Lighting and semiconductor stock Cree, Inc. (NASDAQ:CREE) is among one of the best performers on the Nasdaq today, up 12.4% at $28.19, after announcing the sale of its Wolfspeed Power Unit for $850 million. This puts CREE above its 200-day moving average and the $25-$26 level that has contained rally attempts since an early April bear gap.

CREE 200 day Moving average

Tech stock Brocade Communications Systems, Inc. (NASDAQ:BRCD) is among the worst performers on the Nasdaq today. The stock is down 7.2% at $9.10, following a downgrade to "underperform" and a price-target cut at Baird.

The CBOE Volatility Index (VIX) is down 0.2%, or less than 0.1 point, at 13.02, territory not charted since August.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 0.63, with calls leading puts. SPY is up 0.6%, or 1.3 points, at $216.26, and earlier notched a new all-time high of $216.67.


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