The 20,000 millennium level has been a tough nut to crack for the DJIA
The Dow Jones Industrial Average (DJIA) is hitting the proverbial pause button on its quest for 20,000, modestly lower after yesterday's record high. Even Dow stock Nike Inc (NYSE:NKE), which jumped at the open on upbeat earnings, has drifted back near breakeven. On the data front, existing home sales for November unexpectedly rose to a near 10-year high, while U.S. crude inventories surprisingly increased last week, pressuring oil prices. At last check, February-dated crude futures were down 0.4% at $53.10 per barrel.
Continue reading for more on today's market -- and don't miss:
Among the stocks with unusual options volume at midday is FedEx Corporation (NYSE:FDX), fresh off an earnings miss. With the shares down 2.6% at $193.65, FDX options are trading at five times the usual intraday rate. Seeing buy-to-open activity is the weekly 12/23 190-strike put, as speculators bank on further downside through week's end, when the option expires.
The biggest loser on the Nasdaq is Merrimack Pharmaceuticals Inc (NASDAQ:MACK), down 18% at $4.40 -- and just off a two-year low of $4.35. The biotech stock is sliding after the firm decided to halt a drug trial, and has landed on the short-sale restricted list.
One notable outperformer on the Nasdaq is Monster Beverage Corporation (NASDAQ:MNST), advancing 3.5% to trade at $45.05. The energy drink stock is catching fire after being dubbed Jefferies' top large-cap growth pick.
The CBOE Volatility Index (VIX) is off 0.1 point, or 1.1%, at 11.33.
Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 0.66, with calls outnumbering puts. At last check, SPY is down 0.4 point, or 0.2%, at $226.01.
Find out where the Dow lands right after the closing bell. Sign up now for Schaeffer's Market Recap