Dow Jones Industrial Average Win Streak in Jeopardy; Fed Decision Looms

Why These 4 Signs of Surging Optimism Could Burn Stocks

Dec 14, 2016 at 11:53 AM
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Ahead of a widely expected Fed interest rate hike -- as well as a speech from Fed Chair Janet Yellen -- the Dow Jones Industrial Average (DJIA) has cooled off. Unless the Dow swings higher this afternoon, it will snap its streak of seven straight daily wins, as well as five consecutive sessions with a new all-time intraday high. In addition to a pullback in stocks, crude oil is headed lower -- with January-dated futures last seen down 1.6% at $52.12 per barrel, despite a sharper-than-expected drawdown in domestic crude inventories -- while this morning's economic data was mixed.

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

midday market stats dec 14

Among the stocks with unusual call volume at midday is accessories maker Kate Spade & Co (NYSE:KATE), as the contracts are running at six times the usual intraday clip, with 7,416 calls traded. The biggest transaction so far consists of a 4,340-contract block of April 15 calls, seemingly bought to open. This, despite KATE being down 2.5% at $15.13.

The best stock on the Nasdaq today is Vericel Corp (NASDAQ:VCEL), shooting 46.1% higher to $3.80. Shares of the drugmaker are sizzling after the company's treatment for cartilage defects in the knee gained regulatory approval.

vcel daily dec 14

Among the worst performers on the Nasdaq today is Sarepta Therapeutics Inc (NASDAQ:SRPT), on the heels of a price-target cut. Currently, the biotech stock is down almost 7.5% at $29.44.

The CBOE Volatility Index (VIX) is up 0.1 point, or 0.9%, at 12.83.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.61, with puts besting calls. Currently, SPY is off 0.7 point, or 0.3%, at $227.11.

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

 

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