Dow Jones Industrial Average Fights Back With Crude

Can Valeant Stage a Comeback?

Jul 29, 2016 at 12:13 PM
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The Dow Jones Industrial Average (DJIA) has fought its way back from a sharp morning tumble, as stocks react to mixed earnings reports, bouncing oil prices, and disappointing second-quarter gross domestic product (GDP) data. While an earnings miss for Exxon Mobil Corporation (NYSE:XOM) kept the Dow in the red for most of the morning, the blue-chip index has since joined the S&P 500 Index (SPX) and the Nasdaq Composite (COMP) in the black amid positive earnings reactions for Alphabet Inc (NASDAQ:GOOGL) and, Inc. (NASDAQ:AMZN). Additionally, oil prices have swung out of bear-market territory, with September-dated crude futures up 0.3% at $41.26. Nevertheless, while the Dow, SPX, and COMP are set to close out the month with solid gains, crude oil is eyeing its third monthly loss of 2016.

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Midday Mkt Chart3 072916

Among the stocks with unusual option volume is biotech AstraZeneca plc (ADR) (NYSE:AZN), with puts trading at 27 times the usual intraday clip, after AZN hit a post-earnings year-to-date high on Thursday. AZN's most active option is its August 33.50 put, where it seems safe to assume new positions are being purchased. AZN was last see down 0.9% at $33.99.

Transportation stock YRW Worldwide Inc (NASDAQ:YRCW) is among the best performers on the Nasdaq today, after the company reported earnings that beat expectations. YRCW is up 15% at $11.38 -- on track for its biggest one-day percentage gain in nine-months -- and could close above its 200-day moving average for the first time since early December. Additionally, the stock is breaking out above the $10.50-$11.00 neighborhood that has contained YRCW since late January.

YRCW 200 day MA 072916

Biotech Seres Therapeutics Inc (NASDAQ:MCRB) is among the worst performers on the Nasdaq today, currently down 73.9% at $9.33, after hitting an all-time low of $8.50 earlier. MCRB is currently on the short-sale restricted list, after its experimental drug failed to achieve its main goal in a mid-stage study

The CBOE Volatility Index (VIX) is down 3.1%, or 0.4 point, at 12.33.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 0.91, with calls outpacing puts. SPY is up 0.2%, or 0.4 point, at $217.16. 

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