As hawkish expectations mount ahead of Fed Chair Janet Yellen's Friday speech, the DJIA is clinging to gains
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Dow Jones Industrial Average (DJIA) is modestly higher, with traders treading carefully ahead of tomorrow's speech by Fed Chair Janet Yellen. Leading up to it, a number of central bank officials have sounded a hawkish tone. Most recently, Kansas City Fed President Esther George said she thinks "it is time to move" on a rate hike, while Dallas Fed President Robert Kaplan added, "the case for removing accommodation is strengthening." Underscoring that was a round of upbeat economic data, and stocks are attempting to capitalize on a rebound in oil prices -- with October-dated crude futures last seen 0.7% higher at $47.11 per barrel.
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Among the stocks with unusual options volume is discount retailer Dollar General Corp. (NYSE:DG), down 13% at $79.86. Total intraday volume is at 16 times the norm, with short-term bulls buying to open the near-the-money weekly 8/26 80-strike call. The shares are being pressured by disappointing second-quarter earnings and sales, and have found a place on the short-sale restricted (SSR) list.
The New York Stock Exchange's worst performer so far is Signet Jewelers Ltd. (NYSE:SIG). Shares of the jewelry retailer have sunk 13.4% to $82.68 and landed on the SSR list, following a miserable turn in the earnings confessional.
One of the top performers on the Big Board is retailer Tilly's Inc (NYSE:TLYS), up 9.6% at $7.76. Boosting the stock is an earnings beat, as well as a round of upbeat brokerage attention from B. Riley, Mizuho, and SunTrust Robinson.
The CBOE Volatility Index (VIX) is up 0.04 point, or 0.3%, at 13.49.
Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 0.52, with calls nearly doubling puts, thanks to the roll of a colossal call spread. At last check, SPY was up 0.2 point, or 0.1%, at $218.06.
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