While the DJIA and crude oil continue to chug higher, the COMP is struggling as tech stocks slide
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."
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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.
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.
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