Dow Jones Industrial Average Sinks 166 Points

The Dow Jones Industrial Average (DJIA) is adding to its early losses, down more than 166 points at midday, as stocks react to yesterday's press conference from President-elect Donald Trump and the latest Fed chatter. While regional Fed presidents this morning gave mixed signals, Chicago Fed President Charles Evans suggested that robust economic growth may not be sustainable; Atlanta Fed President Dennis Lockhart and Fed Chair Janet Yellen will speak later today. With the Nasdaq Composite (COMP) set to snap its string of record closing highs, and the S&P 500 Index (SPX) also suffering heavy losses, traders are fleeing to the perceived safety of gold. February-dated gold futures were last seen 0.6% higher at $1,203.80 an ounce -- the metal's first foray north of $1,200 since November. 

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

• The bearish note overshadowing Apple Inc.'s (NASDAQ:AAPL) enormous media endeavor. 
• Analyst: 5 reasons Twitter Inc (NYSE:TWTR) is headed to all-time lows. 
• Checking in on the CBOE Volatility Index (VIX), the SPDR S&P 500 ETF Trust (SPY), and other noteworthy stats at midday.
• Plus...  Why Fiat Chrysler is getting smoked, more upside for Merck, and a sliding steel stock. 

Among the stocks with unusual options volume is automobile stock Fiat Chrysler Automobiles NV (NYSE:FCAU), as Wall Street reacts to reports that U.S. regulators suspect the company violated the Clean Air Act. After being halted, FCAU was last seen 12.4% lower at $9.71, and put players are betting on more downside. In fact, put volume was last seen at 81 times the normal intraday rate, with heavy buy-to-open activity detected at the January 10 put. These traders are betting on extended downside for the stock before the options expire on Friday, Jan. 20. 

Looking at the top gainers on the Big Board, drugmaker Merck & Co., Inc. (NYSE:MRK) is on the rise once again, defying a broader biotech swoon. MRK was last seen up 1.2% at $62.36, as analysts continue to weigh in bullishly. So far in 2017, the shares have added almost 6%. 

Steel stock Steel Dynamics, Inc. (NASDAQ:STLD) is underperforming on the Nasdaq today, following a bearish note from Credit Suisse. The shares were last seen 3.3% lower at $35.86, on pace to close below their 40-day moving average for the first time since mid-October. Of course, STLD has still doubled in value on a year-over-year basis. 

The CBOE Volatility Index (VIX) is up 1 point, or 9.2%, at 12.29. 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.38, with puts outpacing calls. The SPY is down 1.7 point, or 0.7%, today at $225.41. 

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