Dow Jones Industrial Average Looks to Snap Losing Streak

3 Bombing Tech Stocks - Is Apple Next?

Aug 3, 2016 at 12:15 PM
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The Dow Jones Industrial Average (DJIA) is attempting to avoid its longest losing streak since 2011, as financial stocks Goldman Sachs Group Inc (NYSE:GS) and JPMorgan Chase & Co (NYSE:JPM) follow their European counterparts higher. Also helping stocks muscle their way back from an early morning stumble is an encouraging ADP private-sector jobs report, as well as the Institute for Supply Management's non-manufacturing index -- which, despite declining in July, stayed above the key 50 mark. Meanwhile, oil prices have surged above the critical $40-per-barrel level, with September-dated crude futures up 2.4% at $40.47 per barrel, as a bigger-than-expected drawdown in gasoline supplies overshadows an unexpected spike in weekly crude inventories.

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Midday mkt chart 080316

Among the stocks with unusual option volume is banking stock Royal Bank of Scotland Group PLC (NYSE:RBS), with calls trading at 38 times their usual intraday clip. RBS' August 5 and 6 calls are most active option, and it looks like one speculator is using the front-month options to initiate a long call spread. RBS is due to report earnings on Friday, and was last seen up 2.4% at $5.07.

Biotech Cesca Therapeutics Inc (NASDAQ:KOOL) is among the best performers on the Nasdaq today, after the company announced promising follow-up results for its SurgWerks device to treat patients with critical limb ischemia. KOOL was last seen up 29.4% at $5.76.

Software stock Evolving Systems Inc (NASDAQ:EVOL) is among the worst performers on the Nasdaq today, currently down 16.9% at $4.41 -- fresh off a seven-year low of $4.05 -- after the firm reported fiscal third-quarter earnings last night. Today's move has put EVOL well under the $5 level, which has contained pullbacks since the beginning of the year.

EVOL 5 080316

The CBOE Volatility Index (VIX) is down 1.3%, or 0.2 point, at 13.20.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 0.53, with calls nearly doubling puts. SPY is up 0.1%, or 0.3 point, at $215.86.

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