Dow Jones Industrial Average Heads Toward Third Straight Loss

Oil prices are rising after today's OPEC meeting

Jul 24, 2017 at 12:08 PM
facebook X logo linkedin


The Dow Jones Industrial Average (DJIA) has spent the entire session in negative territory, putting the blue-chip index on track for a third straight loss. Caution is setting in ahead of a busy week of tech earnings, while existing home sales fell by a wider-than-expected 1.8% last month. Uncertainty out of D.C. is only adding to the risk-off backdrop, where key members of the Trump campaign -- including Jared Kushner, son-in-law and senior advisor to President Donald Trump -- will testify in front of congressional committees. Trump's 3:15 p.m. ET statement on healthcare is likely to draw attention, as well.

The S&P 500 Index (SPX) is also trading lower at midday, despite Markit's stronger-than-forecast flash purchasing managers index and rising oil prices. At last check, September-dated crude futures were up 1.2% at $46.33 per barrel, after Saudi Arabia agreed to lower oil exports at an Organization of the Petroleum Exporting Countries (OPEC) meeting. Meanwhile, the tech-rich Nasdaq Composite (COMP) is trading just a hair above breakeven. 
 
Continue reading for more on today's market -- and don't miss:

  • The retail stock down 30%.
  • 2 steel earnings to watch tomorrow.
  • Plus, volatility expectations ramp up on Snap; AMD stock at the top of the SPX; and the Chinese e-tailer at new highs.

midday market stats july 24

Among the stocks with unusual options volume is Snapchat parent Snap Inc (NYSE:SNAP), with 30,000 contracts traded, 1.7 times the expected intraday rate. Volatility expectations are on the rise, too, as the stock's 30-day at-the-money implied volatility is up 3.3% to 76.9%, in the 99th percentile of its historical range. With SNAP stock down 1.6% at $14.25 -- fresh off a record low of $14.02 -- the weekly 7/28 14.50-strike put is most active, and it looks like new positions are being purchased here.

Advanced Micro Devices, Inc. (NASDAQ:AMD) is one of the best stocks on the S&P 500 at midday -- running neck and neck with Xerox stock -- after Canaccord Genuity reiterated its "buy" rating and $20 price target ahead of the chipmaker's earnings report, due after tomorrow's close. AMD stock is up 3% at $14.30, though the $14.50 region is continuing to serve as a stiff ceiling.

amd stock daily chart

Baozun Inc (ADR) (NASDAQ:BZUN) is outperforming on the Nasdaq today, though it's not entirely clear what the catalyst is behind the Shanghai-based e-tailer's upside. Regardless, BZUN stock is up 5.6% to trade at $34.20, and earlier hit a record high of $34.92.

 

Unlock Weekend Profits with Chris Prybal's Favorite Strategy Up +487.5% in 2024

With the markets going left, right, and sideways, you need to have a plan now more than ever. 

Expert Trader Chris Prybal is no stranger to volatility, and has mastered finding big stock rallies while other traders aren't looking over the weekend. Rallies that produced gains like +207% on RTX calls, +236% on MARA calls, and +238% on NET calls.

A few simple moves on Sunday at 7pm could be the “Secret Sauce” your portfolio needs to not just stay afloat, but make unprecedented gains in this turbulent market.


Don’t sit on the sidelines, beat the market with Chris Prybal's strategy. Join him now!