Bank Stocks Lead Dow Jones Industrial Average Lower

Analyst: 'Be Careful' with Apple Stock

by Josh Selway

Published on Mar 27, 2017 at 12:06 PM
Updated on Mar 27, 2017 at 12:07 PM

The Dow Jones Industrial Average (DJIA) is trading lower at midday, as last week's healthcare vote breakdown in the House of Representatives continues to weigh on stocks. Bank shares are taking a hard hit, with Goldman Sachs Group Inc (NYSE:GS) standing as the biggest Dow loser by far. The energy sector is also struggling, as oil prices continue to fall. At last check, May-dated crude futures were down 0.4% at $47.79 per barrel. With the CBOE Volatility Index (VIX) hitting its highest mark since mid-November earlier, the Dow is set to notch its longest losing streak in six years. 

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

  • The oil stock showing signs of weakness.
  • Analyst: 4 reasons to "be careful" with Apple stock
  • Plus, Best Buy options traders turn bullish; Starbucks' big bull note; and a biotech that's lost almost half its value. 

stock market news today

Among the names seeing accelerated options trading today is retail stock Best Buy, with BBY shares up 2.5% at $45.95, thanks to an upgrade to "overweight" from "neutral" at Piper Jaffray. Call options are trading at four times the expected rate so far, with the April 48 and 49 calls leading the way -- though data doesn't give a clear reading if BBY options traders are purchasing new positions here. There is buy-to-open activity detected at the May 47 call, though, meaning options traders are betting on BBY stock rallying higher in the coming months. 

Starbucks Corporation (NASDAQ:SBUX) is outperforming on the Nasdaq today, gaining 1% at $57.35, after Telsey Advisory Group initiated coverage with an "outperform" rating and $66 price target -- record-high territory. While today's developments are encouraging, SBUX stock is in a long-term downtrend, and has yet to fill January's post-earnings bear gap

sbux stock news

The worst performer on the Nasdaq is drugmaker Foamix Pharmaceuticals Ltd (NASDAQ:FOMX), with the stock losing 44% to trade at $5.10. Sparking the sell-off is news the company's acne treatment disappointed in a late-stage study. The shares earlier touched a record low of $4.40. 

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