Dow Jones Industrial Average Touches Record High; Tech Sinks Nasdaq

FANG Falls; Plus, 3 Skyrocketing Retail Stocks

Nov 10, 2016 at 12:14 PM
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The Dow Jones Industrial Average (DJIA) is just off a new record intraday high, as blue-chip stocks continue to react to Donald Trump's surprising election victory. However, the S&P 500 Index (SPX) -- just off its biggest three-day run since late June -- is struggling to stay positive, while the Nasdaq Composite (COMP) is in the red, pulled lower by notable losses from "FANG" stocks: Facebook Inc (NASDAQ:FB), Amazon.com, Inc. (NASDAQ:AMZN), Netflix, Inc. (NASDAQ:NFLX), and Google parent Alphabet Inc (NASDAQ:GOOGL). Meanwhile, St. Louis Fed President James Bullard said the central bank is still on track for a single rate hike, although overall he expects interest rates to remain low for the next several years. Elsewhere, weekly jobless claims came in lower than expected.

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

MMC 161110

Among the stocks with unusual volume at midday is retailer Macy's Inc (NYSE:M), currently trading up 7.3% at $41.18, as an upbeat outlook overshadows lackluster earnings. M options are trading at seven times their average daily pace, with calls doubling puts, 29,000 to 14,000.

Ad tech stock TubeMogul Inc (NASDAQ:TUBE) is among the top performers on the Nasdaq today, currently up 81.4% at $13.91, after announcing the company will be acquired by Adobe Systems Incorporated (NASDAQ:ADBE) for $14 per share, or a total of $500 million. Before today TUBE was sitting on a year-to-date loss of nearly 50%, with rebound attempts largely contained by its 50-day moving average.  

TUBE 161110 2

Cybersecurity firm Rapid7 Inc (NASDAQ:RPD) is among the worst performers on the Nasdaq today, down 16.9% at $11.82, after disappointing third-quarter earnings results and some negative analyst attention. RPD shares have given up 22% for the year, and have been steadily declining since peaking above $19 in August.

The CBOE Volatility Index (VIX) is up 7.8%, or 1.1 points, at $15.50.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.70, with puts leading calls. At last check, SPY was down 0.5%, or 1.1 points, at $215.33.

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