Dow Sinks As North Korea Tensions Flare Up

The VIX is pacing for its biggest one-day jump in nearly three weeks

Managing Editor
Sep 5, 2017 at 11:57 AM
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The Dow Jones Industrial Average (DJIA) is significantly lower at midday, dropping triple digits as North Korea tensions ramp up. United Technologies is the worst Dow stock thus far, after the company announced plans to buy Rockwell Collins, while bank stock Goldman Sachs is struggling amid lowered expectations for a Fed rate hike in December. Fed Governor Lael Brainard today said inflation is "well short" of the central bank's target, and the Fed should "be cautious about tightening policy further."

The S&P 500 Index (SPX) and Nasdaq Composite (COMP) are also lower at midday, with the former on track to snap its longest winning streak since May. The CBOE Volatility Index (VIX), Wall Street's "fear gauge," is on track for its largest one-day rise in nearly three weeks.  

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

  • The biotech stock that's doubled today.
  • One analyst still believes in SNAP stock.
  • Plus, Hurricane Irma sparks a run on Home Depot calls; U.S. Steel stock gets an upgrade; and Under Armour stock attempts a comeback.

Midday Market Stats Sept 5

Among the stocks with unusual options volume is home improvement icon Home Depot Inc (NYSE:HD), with over 28,000 calls traded -- three times the average intraday pace, and on track for the 98th percentile in its annual range. The September 155 call has attracted notable attention, with over 11,000 contracts traded. HD stock is currently up 1.5% to trade at $153.05, after BofA-Merrill Lynch resumed coverage with a "buy" rating, and as traders expect home-improvement supplies to be in demand after Hurricane Harvey and Hurricane Irma. HD has tacked on 14% year-to-date, and is easily the top Dow stock today.

U.S. Steel Corporation (NYSE:X) stock is up 2% at $27.41, near the top of the New York Stock Exchange (NYSE) today, after BofA-Merrill Lynch upgraded the steel stock to "buy" from "neutral." X stock has added 47% year-over-year, and the rally today coud help the shares top their 150-day moving average, which hasn't been conquered since their late April bear-gap.

Midday Market Chart X Sept 5

Under Armour Inc (NYSE:UAA) is among the best stocks on the S&P 500 today, up 2.8% to trade at $16.42. The apparel stock, which fell to a four-year low on Friday, has been struggling amid athletic apparel sector woes, and has shed 56% year-over-year.

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