Dow Jones Industrial Average Pares Losses Despite FAANG Sell-Off

2 Tech Stocks to Buy on the Dip

by Josh Selway |

Published on Jun 15, 2017 at 12:08 PM

The Dow Jones Industrial Average (DJIA) is off its early morning lows, but stocks remain under pressure amid weakness from the energy and tech sectors. Most notably, so-called FAANG stocks are experiencing sharp losses, highlighted by an extended sell-off in Apple shares. However, Nike is the worst blue-chip stock at midday, after the company announced plans to lay off about 2% of its workforce. Oil prices also continue to move lower, exploring year-to-date lows, with July-dated crude futures down 0.6% at $44.48 per barrel.

Elsewhere, traders are digesting a busy day for economic data following yesterday's Fed decision. On top of a bigger-than-expected decline in weekly jobless claims, the Empire State manufacturing survey hit its highest level since 2014, though the Philadelphia Fed business survey slowed in June. Meanwhile, stock traders are on edge amid reports President Donald Trump is being investigated for possible obstruction of justice.
 
Continue reading for more on today's market -- and don't miss:

  • The analyst downgrade rocking this FAANG stock
  • 2 tech stocks to buy on the dip. 
  • Plus, Adobe options traders sell calls; the e-commerce stock outperforming; and the grocery stock getting drilled. 

midday market stats june 15

Among the stocks with unusual options volume today is software stock Adobe Systems Incorporated (NASDAQ:ADBE). Calls are trading at six times the expected pace today, with the contracts running in the 100th percentile of their annual range for volume. This is mostly due to heavy action at the July 145 call, which data suggests traders are selling to open. If this is the case, options traders are betting on ADBE stock holding below $145 through the close on Friday, July 21, when the contracts expire. Adobe stock was last seen trading at $136.75, down 1.4%. 

Wayfair Inc (NYSE:W) 
is one stock rising on the New York Stock Exchange today, last seen 2.2% higher at $73.34, as shares of the e-commerce stock flirt with record highs. Specifically, Wayfair stock earlier topped out at $73.86. The shares have more than doubled year-to-date, thanks mostly to a huge earnings-induced bull gap from early May. 

Grocery stock Kroger Co (NYSE:KR) is leading NYSE volume today, and is the worst stock on the Big Board. The shares gapped to a two-year low of $24.54 out of the gate, and were last seen down 17.7% at $24.94, and on the short-sale restricted list. Pressuring Kroger stock was an abysmal turn in the earnings spotlight, with the firm slashing its full-year outlook.

kroger kr stock chart

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