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
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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

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