Dow Jones Industrial Average Fends Off Oil Woes

iPhone Concerns Smack One Chip Stock

Mar 9, 2017 at 12:10 PM
facebook twitter linkedin


The Dow Jones Industrial Average (DJIA) is fighting to avoid its fourth straight loss, with U.S. stocks trading modestly higher at midday. Equities are overcoming a continued sell-off in oil prices, with April-dated crude futures down 2.3% at $49.15 per barrel, as strong gains from consumer discretionary stock Johnson & Johnson (NYSE:JNJ) help keep the Dow above water. Investors are digesting the latest policy decision from the European Central Bank (ECB), as well as relatively dovish statements from ECB President Mario Draghi. Specifically, Draghi said that while "there is no longer that sense of urgency in taking further actions," the central bank is still prepared to act if necessary.

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

  • The iPhone concerns weighing on this semiconductor stock. 
  • This historically bullish signal could spook Netflix, Inc. (NASDAQ:NFLX) short sellers. 
  • Plus, Micron options traders buy puts, Signet Jewelers recovers, and the retailer down 32% after earnings. 

stock market news today march 9

Among the names seeing accelerated options trading today is chip stock Micron Technology, Inc. (NASDAQ:MU). However, MU options traders are taking a different route than usual today, with puts crossing the tape at a faster-than-usual clip. The March 25 put is most active, with data confirming some buy-to-open activity. As such, traders are betting the shares will fall below $25 by next Friday's close, when the contracts expire. MU was last seen 0.3% lower at $25.32. 

A better-than-expected earnings report has Signet Jewelers Ltd. (NYSE:SIG) near the top of the Big Board today, up 8.5% at $69.91. However, the stock's upside move was stopped out at the $70 level, as they struggled to fill a bear gap from earlier this month. 

signet jewelers stock march 9

The biggest loser on the Big Board is retailer Tailored Brands Inc (NYSE:TLRD), as the shares continue to fall after the company's earnings report. The shares were last seen 31.9% lower at $15.90, on pace for their first close below the 200-day moving average since early November. 

Don't miss the stock market's big finish. Sign up now for Schaeffer's Market Recap.

Make the Most of the next Expiration Week Countdown!


 




 
Special Offers from Schaeffer's Trading Partners