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

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI