Dow Jones Industrial Average Swings Lower on Oil, Banks

'Add to Positions' On This Tech Stock

May 31, 2017 at 11:55 AM
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The Dow Jones Industrial Average (DJIA) has traded in a 109-point range today on both sides of breakeven, but was last seen staring at modest losses amid continued pressure from blue-chip bank stocks Goldman Sachs and JPMorgan Chase, the latter of which warned of current-quarter revenue weakness. The S&P 500 Index (SPX) and Nasdaq Composite (COMP) have also turned lower -- with the latter retreating from a record high -- as traders digest a round of soft economic data ahead of this afternoon's release of the Fed Beige Book and sinking oil prices. July-dated crude futures were most recently down 3.7% at $47.84 per barrel. Despite today's losses, though, all three major U.S. benchmarks are set to settle May with a monthly win.

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

  • The Amazon stock story no one's talking about.
  • "Add to positions" on this tech stock ahead of earnings.
  • Plus, BAC put volume explodes; the retail stock at new lows; and another big blow to DryShips.

midday market stats may 31

Among the stocks with unusual put activity is Bank of America Corp (NYSE:BAC), with 128,120 contracts traded so far -- three times what's typically seen at this point in the day, and put volume on track to settle in the 98th annual percentile. The June 22.50 put is BAC's most active option, due to a block of 16,520 contracts that appears to have been sold to open. At last check, BAC stock was down 2.4% at $22.30, after the company's CEO offered a bleak outlook for current-quarter earnings.

Michael Kors Holdings Ltd (NYSE:KORS) is one of the biggest decliners on the New York Stock Exchange (NYSE), after the retailer's dismal turn in the earnings confessional was met with negative analyst attention. KORS stock has plunged 9.7% to trade at $32.75, and earlier hit a five-year low of $32.38.

kors stock daily chart may 31

DryShips Inc. (NASDAQ:DRYS) is near the bottom of the Nasdaq today, down 10.3% at $2.44 -- and fresh off a record low of $2.41. This is just more of the same for DRYS stock, though, which underwent a 1-for-7 reverse split earlier this month.

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