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

 

Minimize Risk While Maximizing Profits

There is no options strategy like this one, which consistently minimizes risk while maintaining maximum profits. Perfect for traders looking for ways to control risk, reduce losses, and increase the likelihood of success when trading calls and puts. The Schaeffer’s team has over 41 years of options trading success targeting +100% gains on every trade. Rest assured your losses are effectively limited to your initial cost at the time of making your move! Don't waste another second... join us right now before the next trade is released! 

 


 


 
Special Offers from Schaeffer's Trading Partners