Dow Jones Industrial Average Muscles Higher With Verizon

Analyst: The Importance of Apple's iPhone 7

Sep 6, 2016 at 12:19 PM
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After slipping into the red following another disappointing data point from the Institute for Supply Management (ISM), the Dow Jones Industrial Average (DJIA) has since turned higher. Specifically, the ISM's non-manufacturing index for August came in at its lowest level since February 2010, further tempering expectations for a September rate hike from the Fed. Meanwhile, oil prices are lower -- with October-dated crude futures down 0.1% at $44.41 per barrel -- as traders consider the latest chatter among top crude producers. Nevertheless, the Dow is in the green, thanks to a lift from telecommunication stocks. Specifically, Verizon Communications Inc. (NYSE:VZ) is leading the 30-stock index, up 1.6% at last check.

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

Midday Market Stats September 6

Among the stocks with unusual options volume at midday is automaker General Motors Company (NYSE:GM). Call options are trading at two times the typical intraday pace, with the October 32 strike most popular overall. It looks like one trader may have rolled her long September 31 calls up and out, betting on GM reclaiming the $32 level in the weeks ahead. At last check, the shares were down 0.7% at $31.95, following bearish analyst attention and a key courtroom decision

Among the biggest gainers on the Nasdaq is streaming giant Netflix, Inc. (NASDAQ:NFLX), as the stock's recent hot streak continues. Specifically, NFLX is up 2.2% to trade at $99.48, after Piper Jaffray suggested the security is trading at a roughly 25% discount. Since the end of July, NFLX has added 9%, even as hedge funds throw in the towel

Biotech stock Dynavax Technologies Corporation (NASDAQ:DVAX) is another huge gainer on the Nasdaq, following upbeat news for its hepatitis B vaccine. The stock has added 26% to trade at $13.75, just a day after plummeting to three-year lows on Friday. Still, DVAX is down 43.1% in 2016. 

Daily chart of DVX September 6 2

The CBOE Volatility Index (VIX) is up 0.4 point, or 3%, at 12.34. 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.75, as puts nearly double calls. SPY is up 0.3 point, or 0.2%, at $218.71. 

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

 

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