Dow Jones Industrial Average Drops Triple Digits Amid Oil Woes

The Dow Jones Industrial Average (DJIA) surrendered yesterday's huge gains, dropping triple digits as crude oil prices crashed on an ominous note from the International Energy Agency (IEA). Also contributing to the volatility seen among stocks was lingering uncertainty over whether the Fed will hike interest rates at its meeting next week. As the stock market struggled, the CBOE Volatility Index (VIX) surged for the second time in the last three sessions, for its highest close since late June.

Continue reading for more on today's market, including:

• Upbeat iPhone 7 data sparked red-hot options volume on these 2 Apple Inc. (NASDAQ:AAPL) suppliers.
• Breaking down the mammoth options trades on Pandora Media Inc (NYSE:P) and Alcoa Inc (NYSE:AA).
• Will the market's recent bout of volatility last? These short-term traders are skeptical. 
• Plus... The Fed president calling it quits, household income jumps, and Netflix gets nailed.
  

The Dow Jones Industrial Average (DJIA - 18,066.75) plunged 258.3 points, or 1.4%, but managed to stay above the 18,000 millennium level. Of the 30 Dow stocks, 29 gave up ground, with Chevron Corporation (NYSE:CVX) being the hardest hit, down almost 2.8%. AAPL bucked the trend, picking up 2.4%.

The S&P 500 Index (SPX - 2,127.02) dropped 32 points, or 1.5%, while the Nasdaq Composite (COMP - 5,155.26) slid 56.6 points, or 1.1%.

The CBOE Volatility Index (VIX - 17.85) boomed 2.7 points, or 17.7%.

5 Items on Our Radar Today:

1. Atlanta Fed Chair Dennis Lockhart announced he will retire at the end of February. "I am proud of the work we have accomplished together, and I believe the Bank is well positioned for the future," Lockhart said in a statement. (CNBC)
2. According to the Census Bureau, the U.S. median household income rose 5.2% to roughly $56,500 in 2015 -- the fastest rate on record. In addition, the poverty rate dropped 13.5%, leaving 43.1 million in poverty. (USA Today)
   
3. The C-suite shakeup that sparked intense options trading on Tiffany & Co. (NYSE:TIF).
4. Options players think this airline stock is ready to take off.
5. The analyst note that nailed Netflix, Inc. (NASDAQ:NFLX).

Data courtesy of Trade-Alert

Commodities:

Crude oil took it on the chin, after the IEA warned of slowing demand for liquid gold, as well as rising crude inventories. At the close, October-dated oil futures were down $1.39, or 3%, at $44.90 per barrel.

Gold gave up an early lead, hit by a stronger dollar and fears the Fed could still raise interest rates next week. Specifically, gold for December delivery was down $1.90, or 0.1%, at $1,323.70 per ounce -- the metal's fifth straight loss.