Dow Jones Industrial Average Ends Higher Despite Sluggish Tech

The New FAANG Partner With Crazy Options Volume

Managing Editor
Jun 26, 2017 at 4:30 PM
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The Dow Jones Industrial Average (DJIA) ended a hectic day on top, despite weaker-than-expected data on durable-goods orders. Bank stocks helped the blue-chip index stay afloat, negating notable losses from the tech sector. However, the tech-rich Nasdaq Composite (COMP) wasn't as fortunate, giving up early gains to settle the session in the red. Elsewhere, gold futures also ended lower, with analysts attributing the drop to a "fat finger trade," while the CBOE Volatility Index (VIX) -- or the market's "fear gauge" -- also fell, marking its first close beneath 10 in three weeks.

Continue reading for more on today's market, including:

  • The new FAANG partner that saw crazy options volume.
  • Options traders see record highs for this other FAANG stock.
  • Analysts are lowering their expectations ahead of Nike earnings.
  • Plus, Altbaba's surging options market; Fabrinet stock's big day; and legal trouble for SeaWorld.

The Dow Jones Industrial Average (DJIA - 21,409.55) gained 14.8 points, or 0.1%. Fifteen of the 30 Dow stocks ended lower, with Boeing bringing up the rear, dropping 1.1%. Goldman Sachs was the top advancer, gaining 1.5%.

The S&P 500 Index (SPX - 2,439.07) gained 0.8 point, or 0.03%. The Nasdaq Composite (COMP - 6,247.15) lost 18 points, or 0.3%.

The CBOE Volatility Index (VIX - 9.90) fell 0.1 point, or 1.2%. It's the VIX's first close beneath 10 since June 2.

Closing Index Summary June 26
NYSE and Nasdaq June 26

5 Items on Our Radar Today:
  1. The U.S. Supreme Court agreed to revive parts of President Trump’s travel ban today, while also agreeing to review its legality later in 2017. The ban, which bars people and refugees from six Muslim-majority countries, was previously blocked by lower courts. (Reuters)
  2. The Federal Trade Commission appears likely to approve a merger between Rite Aid and Walgreens; a unity that could then allow Fred’s Pharmacy to purchase hundreds of stores. Such a deal would make Fred’s the third biggest drugstore magnate in the U.S. (CNBC)
  3. Breaking down the options buzz around Altaba stock.
  4. Amazon buzz set off Fabrinet stock, options trading.
  5. SeaWorld stock suffered subpoena setback.

Earnings Chart June 26
Unusual Options Activity June 26
Data courtesy of Trade-Alert

Commodities

Oil finished slightly higher today after falling to seven-month lows last week due to concerns about oversupply. August-dated crude futures rose 37 cents, or 0.9%, to end at $43.38 per barrel. 

Gold took a sharp hit today, falling to its lowest point since the middle of May, after what many believe to be a "fat finger trade." August-dated gold futures fell $10, or 0.8%, to $1,246.40 an ounce. 


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