The DJIA is just above breakeven, while crude oil prices are spiraling lower
The Dow Jones Industrial Average (DJIA) is just cautiously higher, while the S&P 500 Index (SPX) and Nasdaq Composite (COMP) are in the red, amid uncertainty ahead of Sunday's French presidential election. However, the Dow and its index peers are all comfortably higher for the week, after two consecutive weekly losses. Stocks are also reacting to a fresh round of corporate earnings; Dow stock Visa Inc (NYSE:V) is just off a record high, while the shares of General Electric Company (NYSE:GE) have turned tail after early gains.
Meanwhile, President Donald Trump is expected to announce new directives aimed at post-crisis financial regulations, though Fed Vice Chair Stanley Fischer warned that removing policies "that were made to strengthen the structure of the financial system is very dangerous." Fischer also said he still expects three rate hikes in 2017. Elsewhere, June-dated oil futures have sunk 1.9% to $49.75 per barrel, amid doubts that global crude production cuts can remedy the supply glut, while existing home sales jumped to a 10-year high last month.
Continue reading for more on today's market -- and don't miss:
- 2 chip stocks with cheap options.
- The Apple supplier flashing buy signals.
- Plus, JetBlue calls catch fire; Mattel hits a new low; and the tech stock soaring on guidance.
Among the names with unusual call volume today is transportation stock JetBlue Airways Corporation (NASDAQ:JBLU), as the contracts are flying at 10 times the usual intraday clip. The most active strike is the September 25 call, which International Securities Exchange (ISE) data confirms is seeing a mix of buy- and sell-to-open activity. Ahead of Tuesday morning's earnings report, JBLU stock is down 0.1% at $21.36.
One of the worst performers on the Nasdaq is Barbie parent Mattel, Inc. (NASDAQ:MAT), down 11.7% at $22.26, and fresh off an annual low of $22.22. A dreary earnings report and a round of bearish brokerage notes are sinking MAT shares.
One notable performer on the New York Stock Exchange is Sony Corp (ADR) (NYSE:SNE), which is flirting with a 2% gain at $33.47, and earlier came within a chip-shot of its multi-year high at $34.17. The electronics stock is off to the races, thanks to upwardly revised guidance, with earnings due next week.