Dow Pacing for Weekly Loss as Markets Brace for Irma's Impact

The VIX is on track for its first weekly gain in nearly a month

by Patrick Martin

Published on Sep 8, 2017 at 11:59 AM
Updated on Sep 8, 2017 at 12:06 PM

The Dow Jones Industrial Average (DJIA) is trading slightly higher at midday, but on track to post a weekly loss as investors brace for the impact of Hurricane Irma. The recently downgraded hurricane is expected to make landfall in south Florida late Saturday, prompting massive evacuations across the state. Damage from the storm could surpass Hurricane Harvey to set a new record -- and Hurricanes Jose and Katia are gathering speed right behind Irma. With major uncertainties lingering ahead of the weekend, the CBOE Volatility Index (VIX) is on track to post its first weekly advance in four weeks.

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

  • Why you shouldn't buy put options on spiraling Equifax today.
  • This drug stock is ripe for a short squeeze.
  • Plus, VeriFone's earnings spur an options frenzy; SNAP's extended rally; and Kroger stock careens lower.

Midday Market Stats Sept 8

Among the stocks with unusual options volume is payment processor VeriFone Systems Inc (NYSE:PAY), with over 4,300 calls traded -- 10 times the average intraday pace, and arriving in the 95th percentile of its annual range. PAY stock is currently down 0.9% to trade at $19.25, after the company offered a disappointing full-year profit forecast.

Facebook rival Snap Inc (NYSE:SNAP) is up 2.2% at $15.49, near the top of the New York Stock Exchange (NYSE) today, as the social media stock continues to rally from its Aug. 14 low of $11.28. SNAP stock has tacked on more than 8% this week, and is now trading at its highest point since mid-July.

Kroger Co (NYSE:KR) is among the worst stocks on the NYSE today, down 8.8% at $20.77, after forecasting same-store sales below Wall Street's expectations. KR stock is now closing in on June's three-year low of $20.46. Since that bear gap, the stock's 50-day moving average has provided stiff resistance on rally attempts.

Midday Market Chart KR Sept 8

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