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.

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

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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