Dow Jones Industrial Average Gives Up Early Lead

How Low Can Twitter Go? Plus, 3 Apple Suppliers Blasting Off

Jul 27, 2016 at 12:21 PM
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The Dow Jones Industrial Average (DJIA) jumped at the open, thanks to earnings beats from Dow stocks Apple Inc. (NYSE:AAPL) and Boeing Co (NYSE:BA). However, the Dow has given up its early lead, as stocks react to downbeat data on durable goods orders, a post-earnings drop for blue chip The Coca-Cola Co (NYSE:KO), and sinking oil prices. September-dated crude fell by 1.9% to $42.11 per barrel, after the latest weekly crude inventories report showed a surprise rise in domestic supplies. Meanwhile, investors are awaiting this afternoon's Federal Open Market Committee (FOMC) policy decision. 

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

Midday Market Chart 072716

Among the stocks with unusual option volume is Dow stock The Coca-Cola Co (NYSE:KO), with puts trading at seven times the usual intraday clip. KO's August 43 put is the most active option, with some post-earnings traders likely selling the contracts to close. KO was last seen down 3.4% at $43.35. 

Biotech Recro Pharma Inc (NASDAQ:REPH) is among the best performers on the Nasdaq today, after promising late-stage trial results for its non-opiod intravenous painkiller, Meloxicam. REPH is up 23.4% at $9.48 -- and earlier touched a year-to-date high of $12.50 -- and finally past resistance at its 200-day moving average.

REPH 200 day MA 072716

Tech stock Akamai Technologies, Inc. (NASDAQ:AKAM) is among the worst performers on the Nasdaq today, down 16.6% at $48.42, after issuing lackluster current-quarter guidance and getting bombarded by bearish brokerage notes. AKAM is currently on the short-sale restricted list, with options trading at 11 times their usual clip. 

The CBOE Volatility Index (VIX) is up 2.4%, or  0.3 point, at 13.36.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.53, with puts outpacing calls. SPY is down 0.3%, or 0.7 point, at $216.10. 

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


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