Dow Jones Industrial Average Lower on Oil Supply Spike, Election Polls

The Silver Lining to the S&P, Nasdaq Losing Streaks

Nov 2, 2016 at 12:10 PM
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The Dow Jones Industrial Average (DJIA) is trading lower at midday -- while the S&P 500 Index (SPX) and Nasdaq Composite (COMP) are on track to extend their daily losing streak to seven -- ahead of this afternoon's Federal Open Market Committee (FOMC) policy announcement. Although no changes are expected, traders will be keeping an ear to the ground for clues on an expected December interest rate hike. Stocks are also reacting to growing uncertainty surrounding the U.S. presidential election, with some polls showing a tight race between Hillary Clinton and Donald Trump. A sharp drop in oil prices is also weighing on stocks, after the Energy Information Administration (EIA) reported the largest one-week increase in domestic crude inventories on record. As such, December-dated crude futures are trading 3.1% lower at $45.23 per barrel.

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

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Among the stocks with unusual options volume at midday is review site Yelp Inc (NYSE:YELP). The stock is currently trading 8.8% higher at $35.35, after the company's earnings beat and optimistic fourth-quarter guidance was met with price-target hikes from Cantor Fitzgerald and Piper Jaffray. YELP options are trading at five times their normal rate, with 7,062 calls on the tape, compared to 6,938 puts. YELP's most active option today is the December 35 put, which saw a block of 1,634 contracts bought to open.

Software stock PROS Holdings, Inc. (NYSE:PRO) is among today's top performers on the New York Stock Exchange (NYSE), currently trading 10.9% higher at $24.17, and earlier notched a new annual high of $25.63. PRO reported earnings yesterday, and received no fewer than three price-target hikes after delivering its results, including one to $23 from $16 at J.P. Morgan Securities. PRO is now up around 5% since the beginning of the year, ushered higher by its 50-day moving average since May.

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Healthcare stock Adeptus Health Inc (NYSE:ADPT) is among the worst performers on the NYSE today, currently down 63.8% at $9.74, after it was announced the company is under investigation for potentially violating federal security laws. Today's tumble sent ADPT shares to an all-time low at $9.40 earlier, with the stock now down over 82% this year.

The CBOE Volatility Index (VIX) is up 0.6 point, or 3.2%, at $19.16.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 2.20, with puts more than doubling calls. SPY was last seen down 0.7 point, or 0.4%, at $210.27.

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