Dow Jones Industrial Average Tanks as Bank Stocks Sell Off

The VIX Signal Flashing for the First Time In 10 Years

Mar 21, 2017 at 12:01 PM
facebook X logo linkedin

The Dow Jones Industrial Average (DJIA) is in free-fall at midday, amid a broad sell-off in the financial sector. Bank stocks across the board are getting hammered, with JPMorgan Chase & Co. (NYSE:JPM) and Goldman Sachs Group Inc (NYSE:GS) among the biggest Dow laggards today. The risk-off approach comes despite a fresh record high from Apple Inc. (NASDAQ:AAPL), after the company released a new iPhone 7 and a new iPad this morning. As it stands now, the Dow and S&P 500 Index (SPX) are on pace for a fourth straight loss, while the CBOE Volatility Index (VIX) is eyeing its highest close in roughly three weeks. 

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

  • The big upgrade that has Facebook stock at record highs. 
  • The VIX signal flashing for the first time in 10 years. 
  • Plus, Netflix options traders eye higher highs; Oclaro gains yet again; and a red-hot Japan-based tech issue. 

stock market news today

Among the names seeing accelerated options trading today is Netflix, Inc. (NASDAQ:NFLX), with the streaming stock earlier hitting a fresh record peak of $147.70 before dropping 1.3% to trade at $143.97. While NFLX puts have been popular in recent weeks, calls are leading the way today, thanks to heavy interest in the weekly 3/24 series. It looks like the 146-, 147-, and 148-strike calls could all be seeing buy-to-open activity, meaning speculators are betting on extended upside for Netflix stock through week's end, when the contracts expire. 

Optical solutions specialist Oclaro, Inc. (NASDAQ:OCLR) is gaining on the Nasdaq once again, putting the stock on pace for a fifth straight win. At last check, OCLR stock was up 2.1% to trade at $9.79, on pace for its best close in nearly a month. It'll be interesting to see if this win streak deters short sellers, since short interest exploded by nearly 20% in the past two reporting periods. 

Over on the Big Board, another stock that's been hot is Japan-based tech firm Line Corp (ADR) (NYSE:LN), with the shares adding 3.2% to trade at $37.98. LN stock is now up 22% since its Feb. 22 low of $30.90. Still, the shares -- which began trading publicly back in July -- remain well below their record peak of $51.48 from September.

line stock news

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


Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI