Dow Jones Industrial Average Set to Snap Nine-Day Winning Streak

3 Tech Stocks Breaking Out; Plus, A Biotech Bidding War?

by Celeste Taylor

Published on Jul 21, 2016 at 12:20 PM

The Dow Jones Industrial Average (DJIA) fell out of the gate, and is on track to break its nine-day winning streak -- the longest since 2013 -- due to lackluster earnings from a trio of blue-chip stocks. Upbeat economic data may be keeping losses in check, though, as traders digest an unexpected drop in weekly jobless claims and a nine-year high for existing home sales in June. 

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

Midday market chart 072116



Among the stocks with unusual option volume is personal camera maker GoPro Inc (NASDAQ:GPRO), with calls trading at four times their usual intraday pace, and activity centered around the weekly 7/22 11- and 11.50-strike calls. The stock was last seen up 3.8% at $11.31, ahead of next Wednesday's earnings report.

Mining equipment maker Joy Global Inc. (NYSE:JOY) is among the best performers on the New York Stock Exchange today. JOY shares are up 17.5% at $27.67, after news that Japanese mining and construction equipment company Komatsu Ltd. will purchase the firm for $2.89 billion. 
    
Office supply wholesaler Essendant Inc (NASDAQ:ESND) is among the worst performers on the Nasdaq today, down 28.8% at $23.15, after a disappointing earnings report. This latest drop pushes the shares well below the $29 level, which had contained pullbacks since May, with ESND touching a near-seven-year low of $21.18 earlier.

ESND 29 level 072116

The CBOE Volatility Index (VIX) is up 5.2%, or 0.6 point, at 12.38.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 2.50, with puts more than doubling calls. SPY is fractionally lower at $216.61. 


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


A Schaeffer's exclusive

6 Sectors for Summer

Access your FREE insider report before it's too late!


  
 

Partnercenter


NEW! Explore Schaeffer’s Partners' deals and get connected to top online brokerages with deals tailored exclusively for our readers.  Get answers to your questions regarding transfer fees, commission rates, programs and available discounts related to online trading services.

MORE | MARKETstories


3 Million to Lose Jobs – and Not Because of Coronavirus?
A terrifying new trend can make you a millionaire or destroy your financial future.
Wall Street Reclaims Two Key Trendlines This Week
U.S.-China tensions and dire economic data still weigh, though
Dell Stock Jumps on Upbeat First Quarter
DELL announced an upbeat first-quarter report
Research Exposes Shortcut to Stock Market Wins
A simple way to stop picking losers, and start cashing in like Wall Street's elite.