Dow Jones Industrial Average Tracks Crude in Choppy Trading

It's been a choppy session so far for the Dow Jones Industrial Average (DJIA), with stocks following fluctuating crude futures. In fact, oil prices hit a nearly three-month high earlier, with the November-dated contract last seen up 0.4% at $48.98 per barrel. Meanwhile, traders are also digesting hawkish comments from Richmond Fed President Jeffrey Lacker -- which has put pressure on gold prices -- and strong currency moves overseas.

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

• Option bulls are targeting record highs for Alphabet Inc (NASDAQ:GOOGL), following this afternoon's new product reveal.
• Why this biotech stock has nearly doubled in value today.
• Plus ... Checking in on the CBOE Volatility Index (VIX), the SPDR S&P 500 ETF Trust (SPY), and other noteworthy stats at midday.

Constellation Brands, Inc. (NYSE:STZ) is among the stocks with unusual options volume at midday. Ahead of tomorrow morning's earnings report, the alcoholic beverage maker was last seen trading up 0.5% at $166.42. Meanwhile, STZ options are crossing the tape are roughly twice the typical intraday pace, with calls nearly doubling puts. Most active is the out-of-the-money October 175 call, where it looks like traders may be selling to open new positions, betting on a short term ceiling -- a common trend among STZ options traders of late.

Among the top performers on the New York Stock Exchange today is Pandora Media Inc (NYSE:P), up 4.3% at $14.77, after Goldman Sachs added the streaming music provider to its "Americas Conviction" list and lifted its price target. The shares have more than doubled from their February lows, as the stock rides higher atop its 60-day moving average. 

SPDR Gold Trust ETF (GLD) is among the day's worst performer so far, shedding 2.4% to $122.34, as the price of gold slides in the wake of hawkish Fed talk. Specifically, resumed rate-hike jitters are weighing on the commodity, pressuring gold prices to their lowest level in three months.

The CBOE Volatility Index (VIX) has edged up 0.1 point, or 0.7%, to 13.67. 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.65, with puts outpacing calls. SPY was last seen down 0.5 point, or 0.2%, at $215.26.

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