The DJIA is getting a boost from upbeat earnings results and economic data
The Dow Jones Industrial Average (DJIA) is bounding higher today -- adding as much a 162 points at its intraday high -- as traders digest stronger-than-expected earnings results from several major banks. Relatively upbeat economic data -- both at home and from China -- is also giving stocks a boost, though rate-hike considerations are again in focus after Boston Fed President Eric Rosengren chimed in with rather hawkish comments this morning, saying "we’ll have to raise rates faster than the summary of economic projections." Investors are still awaiting a speech this afternoon from Federal Reserve Chair Janet Yellen.
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Among the stocks with unusual options volume at midday is financial concern Bank of America Corp (NYSE:BAC), which is getting a lift thanks to upbeat earnings results from sector peers, while gearing up for its own report, due Monday morning. At last check, the stock is up 1.2% at $16.02, and BAC calls are flying across the tape at nearly twice the expected intraday rate. Most active by far is the weekly 10/14 16-strike call, where it looks like traders are largely closing their in-the-money positions before the contract expires at tonight's close.
Semiconductor specialist Advanced Micro Devices, Inc. (NASDAQ:AMD) is among the top performers on the Nasdaq at midday, up 6.8% at $6.93 after the company inked a new deal with Alibaba Group Holding Ltd (NYSE:BABA). It's been an impressive year so far for AMD, which has added nearly 142% in 2016, tapping four-year highs in late August, but the shares have spent most of October stuck between the $6.50 and $7.00 levels.
Among the worst performers on the Nasdaq, meanwhile, is tech stock and market newcomer Nutanix Inc (NASDAQ:NTNX). The shares have shed 3.4% to $33.52 today, after an analyst at Summit Redstone Partners called out a "competitive threat" to the company while initiating coverage with a very bearish outlook.
The CBOE Volatility Index (VIX) is down 0.6 point, or 3.5%, at 16.10.
Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.66, with puts easily outnumbering calls. SPY was last seen up 1.3 points, or 0.6%, at $214.30.
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