MMR

Dow Jones Industrial Average, Oil Stay Hot; Tech Stocks Drop Nasdaq

Stay Cautious On This Red-Hot Oil ETF

Dec 1, 2016 at 11:57 AM
facebook X logo linkedin


The Dow Jones Industrial Average (DJIA) is solidly higher at midday, as crude oil continues to run hot -- with January-dated crude futures up 4.1% at $51.46 per barrel. This, despite a drop in tech stocks hitting the Nasdaq Composite (COMP) hard. On the economic front, while weekly jobless claims rose more than forecast and construction spending came up just short of the consensus estimate, a pair of U.S. manufacturing surveys blew past expectations. Meanwhile, Dallas Fed President Robert Kaplan reiterated recent comments -- and echoed the hawkish tone of this colleague -- saying the central bank "ought to, in the near future, remove some amount of accommodation." 

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

midday market stats dec 1

Among the stocks with unusual call volume at midday is Ford Motor Company (NYSE:F), with the contracts running at 10 times the usual intraday clip. Digging deeper, potential buy-to-open activity is detected at the out-of-the-money December 14 strike. Bullish bettors may be encouraged by the fact F stock is 6.6% higher at $12.75, following upbeat preliminary November sales data.

Akorn, Inc. (NASDAQ:AKRX) is among the worst performers on the Nasdaq, down 5% at $20.15 -- part of a longer-term trend lower. Pressuring the biotech stock is a bearish initiation at Goldman Sachs.

akrx daily dec 1

The top Dow stock is Chevron Corporation (NYSE:CVX), thanks to an upgrade and energy sector tailwinds. So far, the oil stock has advanced 2.8% at $114.72, and is fresh off a two-year high of $114.75.

The CBOE Volatility Index (VIX) is up 0.5 point, or 3.8%, at 13.83.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.64, with puts easily outstripping calls. At last check, SPY was off 0.1 point, or 0.06%, at $220.25.

Find out where the Dow lands right after the closing bell. Sign up now for Schaeffer's Market Recap

 

Follow us on X, Follow us on Twitter

 

Nvidia and its powerful chips are the face of artificial intelligence.

But while everyone’s patting Nvidia on the back for record earnings…

It’s quietly moved on to the next phase of AI it plans to conquer…

Nvidia recently unveiled essential blueprints for this crucial $1 trillion pivot.

Click here now and find out about the three companies Nvidia absolutely needs to succeed in this vital new AI frontier.
 (ad)