Dow Jones Industrial Average, Oil Gain; Nasdaq Hits Record High

Why This Biotech Stock is Bombing

Aug 23, 2016 at 12:02 PM
facebook twitter linkedin


The Dow Jones Industrial Average (DJIA) shot higher out of the gate -- briefly flirting with a 100-point lead -- but was last seen sitting on more modest gains. Stocks are reacting to a mixed round of data, including a surprise jump to a nearly nine-year high in new home sales for July and an unexpected decline in manufacturing activity. In general, though, tech stocks continue to outperform, sending the Nasdaq Composite (COMP) to a record high earlier. Meanwhile, on the commodities front, crude oil has overcome early headwinds -- with October-dated crude futures trading 1.1% higher at $47.93 per barrel -- after a Reuters report signaled Iran may be willing to participate in a coordinated production freeze.

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

midday market stats august 23

Among the stocks with unusual options volume is Monsanto Company (NYSE:MON), amid mounting buyout buzz. At last check, MON options were trading at six times the expected intraday rate, with potential buy-to-open activity transpiring at the October 115 call. Meanwhile, the shares are up 2.6% at $107.17.

One of the top stocks on the New York Stock Exchange is retailer Best Buy Co Inc (NYSE:BBY), following a standout turn in the earnings confessional. The shares were last seen 17.2% higher at $38.45, fresh off a 52-week intraday peak, and on track for their highest close in over a year.

bby daily august 23

Another top performer on the Big Board is Tableau Software Inc (NYSE:DATA), as analysts react positively to a C-suite shakeup. Currently, the tech stock is 12.8% higher at $61.91, and testing resistance at its 200-day moving average.
 
The CBOE Volatility Index (VIX) is off 0.3 point, or 2.3%, at 11.99.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.42, with puts outpacing calls. At last check, SPY is up 0.8 point, or 0.3%, at $219.28, after earlier hitting a record high of $219.60.

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

 

If you are not making money with options, you aren’t buying options like this…

There is no options strategy that more perfectly approaches trading the fastest moving and most volatile stocks available in the marketplace than this one. In fact, there is no strategy that better utilizes put options for optimal returns and a real trading edge over other traders in the exact same market. New options traders fail out at an incredible rate without proper trade research, execution timing, and option picking. Capitalize on Schaeffer’s 100+ years of options trading excellence with the most coveted product launch in company history. Don't waste another second... join us right now before the next round of trades are released!

Schaeffer's Investment Research Master Portfolio Trial
 


 


 
Special Offers from Schaeffer's Trading Partners