Dow Jones Industrial Average Slumps Despite Oil's Rally

This Drugmaker Could Have 'Considerably More Upside'

Sep 26, 2016 at 12:09 PM
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The Dow Jones Industrial Average (DJIA) is facing a triple-digit drop at midday, as traders continue to eye today's informal Organization of the Petroleum Exporting Countries (OPEC) meeting and tonight's U.S. presidential debate. Amid reports of optimistic comments about a production freeze from Algeria's energy minister, November-dated crude oil futures have surged 3.8% to $46.16 per barrel, lifting energy stocks in the process -- including Dow components Exxon Mobil Corporation (NYSE:XOM) and Chevron Corporation (NYSE:CVX). On the other hand, Pfizer Inc. (NYSE:PFE) is among the worst-performing blue-chip stocks, after scrapping plans to split into two companies. Elsewhere, Wall Street is digesting a smaller-than-predicted drop in new home sales, and September's Dallas Fed manufacturing survey, which missed expectations. 

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

Midday Market Stats September 26

Among the stocks with unusual put volume at midday is Deutsche Bank AG (USA) (NYSE:DB), as the stock struggles following a brow-raising magazine article. With the stock down 6.2% at $11.96, earlier hitting an all-time low of $11.95, put options are in high demand. In fact, the options are trading at seven times the intraday norm, and are nearly doubling call volume. Among the most active strikes are the December 10 put, thanks to what looks like a large spread trade, and the October 11 put. 

One of the top stocks on the Nasdaq is Array Biopharma Inc (NASDAQ:ARRY), thanks to positive news regarding its melanoma treatment. The stock has exploded 56.4% to trade at $5.71, earlier hitting an annual high of $6.15, and is on pace to close above its 320-day moving average for the first time in over a year. 

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Among the poorest performers on the New York Stock Exchange is Nike Inc (NYSE:NKE), as the company prepares to release earnings tomorrow after the close. Pessimism has been building on a number of fronts toward the Dow stock, including in the options pits today. At last check, the stock is down 1.8% at $54.16. 

The CBOE Volatility Index (VIX) is 1.9 points, or 15.6%, at 14.21. 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 2.29, with puts more than doubling calls. The SPY was last seen down 1.3 points, or 0.6%, at $214.75. 

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