Dow Jones Industrial Average Drops With Apple

Why This Food Stock Is Crumbling

Aug 30, 2016 at 12:09 PM
facebook twitter linkedin


The Dow Jones Industrial Average (DJIA) is sliding lower with Apple Inc. (NASDAQ:AAPL), following Monday's triple-digit win. Utility and energy stocks are slumping with oil prices, as October-dated crude oil has given back 1.3% to trade at $46.38 per barrel. Fed comments have also kept rate-hike jitters in focus, helping financial stocks outperform. Specifically, Federal Reserve Vice Chair Stanley Fischer reiterated his "data-dependent" stance this morning, noting that the U.S. "is very close to full employment." Elsewhere, the consumer confidence index rose to a bigger-than-expected 101.1 in August, while home prices eased in June.


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

Midday Market Stats August 30

Among the stocks with unusual options volume at midday is wearable tech stock Fitbit Inc (NYSE:FIT). The company revealed two new fitness wristbands on Monday, and was last seen 2.9% higher at $15.38. FIT options are changing hands at roughly twice their average intraday pace, with calls outnumbering puts on an absolute basis. Most active by far is the weekly 9/2 15.50-strike call, where more than 11,000 contracts have traded -- including a block of nearly 8,800, which looks like it may have been sold to open.

Airline interest United Continental Holdings Inc (NYSE:UAL) is among the top performers on the New York Stock Exchange today, after news the firm hired American Airlines Group Inc (NASDAQ:AAL) president Scott Kirby was met with applause from the brokerage bunch. At last check, UAL was up 9.1% at $51.24, trimming its year-to-date losses to 10.6%.

Among the worst performers on the Big Board at midday is retailer Abercrombie & Fitch Co. (NYSE:ANF), which has dropped roughly 20% to $18.31, after the company reported a drop in sales for the 14th quarter in a row. Plus, ANF received price-target cuts at Deutsche Bank (to $21) and Jefferies (to $30), and the shares are now down 44% from their early March annual high.

ANF Daily Chart August 30

The CBOE Volatility Index (VIX) is up 0.03 point, or 0.2%, at 12.97.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.67, with puts easily outnumbering calls. SPY was last spotted down 0.5 point, or 0.2%, at $217.86.

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! 

 

300x250 - Banner 3 - v1