Dow Jones Industrial Average (DJI) futures are below fair value this morning-- putting the blue-chip index's lengthy winning streak at risk -- with Wall Street spooked by a weekend drone attack on Saudi Arabian crude production facilities. This has oil prices eyeing their biggest one-day gain since February 2016, though, with October-dated crude futures trading up 9.9% at $60.36 per barrel. For his part, President Donald Trump tweeted he has "authorized the release of oil from the Strategic Petroleum Reserve, if needed, in a to-be-determined amount."

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

• It may be time to short this education stock.
• Wynn Resorts' rally could be short lived.
• Plus, GM workers strike; an oil stock set to jump 25%; and Wells Fargo downgrades Dick's.

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw 977,275 call contracts traded on Friday, compared to 607,781 put contracts. The single-session equity put/call ratio rose to 0.62, while the 21-day moving average remained at 0.66.
2. General Motors Company (NYSE:GM) stock is trading down 2% ahead of the bell on news roughly 48,000 United Auto Workers (UAW) for the car company began a nationwide strike early this morning, the first since 2007. Contract talks between the UAW and GM are set to restart at 10 a.m. ET. Today's pre-market loss puts GM stock on track to test its 200-day moving average, which kept a lid on the shares in late August.
3. Whiting Petroleum Corp (NYSE:WLL) is up 25% in electronic trading, getting a lift from broader energy sector tailwinds. WLL stock closed Friday at $7.54, and remains a long-term laggard -- hitting a record low of $6 as recently as Sept. 3.
4. Wells Fargo downgraded Dick's Sporting Goods, Inc. (NYSE:DKS) to "market perform" from "outperform," on valuation concerns. DKS stock closed Friday at $39 -- up 25% year-to-date -- but is down 1.9% ahead of the bell.
5. The Empire State manufacturing index is on tap. There are no earnings reports due.

Europe Stocks Lower After Saudi Oil Strike

Markets in Asia ended mostly lower today as investors eyed surging crude oil prices following the attacks on production facilities in Saudi Arabia this weekend. The Shanghai Composite inched 0.02% lower after China posted its slowest industrial production growth since 2002 for August, while Hong Kong's Hang Seng lost 0.8%. South Korea's Kospi was the one gainer today, up 0.6%, while Japan's Nikkei was closed for holiday.

The Saudi Arabia news has caused stocks in Europe to slip at midday, as investors fear potential military action. London's FTSE 100 is down 0.2%, following U.K. Prime Minister Boris Johnson's assertions over the weekend that he will be moving forward with trying to lock down a Brexit deal. Elsewhere, the French CAC 40 has lost 0.6%, while the German DAX has dropped 0.5%.

The Dow Jones Industrial Average (DJI) is lower today, as investors try to gauge the impact of a sharp spike in oil prices on stocks. October crude futures were last seen adding to their recent strength, up 11.6% at $61.20 per barrel in response to the Saudi Arabia attacks. So while energy stocks are making huge moves higher, the rest of the market is struggling, with the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) joining the Dow in negative territory -- threatening the blue-chip index's eight-day win streak.

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

• Why an analyst says to buy Uber and Lyft stocks.
• GM stock is down during the worker strike fallout.
• Plus, huge call activity on DISH stock; and 2 healthcare stocks making huge moves.

One name seeing notable options trading is DISH Network Corp (NASDAQ:DISH). The stock is snapping back after three straight down days, last seen trading 2.3% higher at $35.98, and more than 26,000 calls have crossed already -- compared to a daily average volume of just 1,402. Most of the action has been driven by the weekly 9/27 36-strike call, where more than 21,100 contracts have traded.

Alder Biopharmaceuticals Inc (NASDAQ:ALDR) is one of the best stocks on the Street today thanks to a $2 billion buyout offer from Denmark-based Lundbeck. The shares were last seen up 83.2% at $18.43, running to fresh 52-week highs in the process. This comes just days after ALDR stock touched an all-time low of $8.39.

On the flip side, Aimmune Therapeutics Inc (NASDAQ:AIMT) is volatile again, last seen down 6.7% at $23.09, after earlier trading sharply higher. The up-and-down price action comes after a Food and Administration (FDA) panel recommended approving the company's peanut allergy drug. AIMT shares are still down 17.5% year-over-year.

The Dow held on for its eighth straight win today, its longest winning streak since May 2018. The blue-chip index spent the entire day in the black thanks to news of China's key tariff exemptions and upbeat U.S. retail sales data, but still remained a hair off its July 15 record close. While the S&P 500 and Nasdaq were unable to manage wins on the day -- with the former snapping a three-day win streak -- all three benchmarks did secure their third straight weekly win. Elsewhere, Wall Street's "fear gauge," the VIX, suffered its lowest close since late July.

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

• Put buyers should like their odds on this casino stock.
• The GM deal that had Cars.com call options buzzing. 
• Plus, an education stock in trouble; a buyout bid for Bitauto; and a tobacco stock squeezing shorts.

The Dow Jones Industrial Average (DJI - 27,219.52) recorded a 37.1-point, or 0.1%, gain. Dow Inc (DOW) had the best day of the 18 blue-chip gainers, finishing up 2.6%, while Apple (AAPL) led the 12 laggards with its 1.9% drop. The Dow added 1.6% on the week.

The S&P 500 Index (SPX - 3,007.39) gave back 2.2 points, or 0.07%, while the Nasdaq Composite (IXIC - 8,176.71) closed down 17.8 points, or 0.2%. For the week, the S&P 500 and Nasdaq both added 0.9%.

The Cboe Volatility Index (VIX - 13.74) shed 0.5 point, or 3.4%. It lost 8.4% on the week.

5 Items on our Radar Today

1. Bond yields rose in step with U.S. equities this week. The 10-year Treasury yield locked up its largest weekly rally since November 2016, while the 2-year yield surged the most on a weekly basis since June 2009. Better-than-expected retail sales data and abating trade tensions with China fueled the rally. (Reuters)
2. Consumer sentiment toward the U.S. economy roared this month. According to preliminary data from the University of Michigan, consumer sentiment rose to a higher-than-expected 92 in September from 89.8 in August. However, 38% of all consumers polled expressed worry about the impact of tariffs on the economy. (CNBC)
3. Signal says it's time to ditch this education stock again. 
4. Bitauto stock swung higher on buyout buzz.
5. This tobacco stock sent short sellers to the hills today.

Data courtesy of Trade-Alert

Weekly Losses For Oil, Gold

Oil closed the week out with its fourth straight loss, as concerns lingered over a potential global supply glut. October-dated crude futures fell 24 cents, or 0.4%, to settle at $54.85 per barrel. For the week, black gold shed roughly 3%.

Gold pulled back today, as a batch of upbeat economic data dulled traders' appetite for safe-haven assets. Gold for December delivery closed down $7.90, or 0.5%, at $1,499.50 an ounce. Gold gave back 1.1% on the week.

The Dow kicked off the week with a triple-digit loss, snapping what was an eight-day winning streak. The big surge in oil prices was the talk of the town, as the Saudi Arabia attacks  -- which create a massive disruption to crude oil production -- had energy stocks soaring, but sparked uncertainty over the impact to the global economy. The S&P 500 and Nasdaq also finished in the red, as Wall Street prepares for the start of the Fed meeting tomorrow.

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

• Transocean bears were caught off guard by the crude climb. 
• Options bulls blitzed booming Toll Brothers stock. 
• This healthcare stock seems ripe for a bearish options trade.
• Plus, Turtle Beach stock breaking out; FedEx hit with a pre-earnings bear note; and what surging oil prices did to Delta stock.

The Dow Jones Industrial Average (DJI - 27,076.82) recorded a 142.7-point, or 0.5%, loss. Chevron (CVX) had the best day of the seven blue-chip gainers, finishing up 2.2%, while Procter & Gamble (PG) led the 23 laggards with its 1.9% drop.

The S&P 500 Index (SPX - 2,997.96) gave back 9.4 points, or 0.3%, while the Nasdaq Composite (IXIC - 8,153.54) closed down 23.2 points, or 0.3%.

The Cboe Volatility Index (VIX - 14.67) shed 0.9 point, or 6.8%.

5 Items on our Radar Today

1. According to South Korea's Joongang Ilbo newspaper that cited diplomatic sources, North Korean leader Kim Jong Un last month invited U.S. President Donald Trump to visit Pyongyang. The invitation came via a letter, which reportedly expressed a desire to hold a third summit, despite little progress made between the two countries on denuclearization in the past year. (Reuters)
2. OxyContin maker Purdue Pharma, which recently has been embroiled in thousands of lawsuits over its role in the opioid crisis, filed for bankruptcy. The decision follows a tentative settlement the company reached last week with several states and local governments, which could be worth up to $12 billion. (MarketWatch)
3. Here's how options traders reacted to the Turtle Beach stock breakout. 
4. FedEx stock picked up an bear note before earnings tomorrow. 
5. Delta stock took a hit amid the surge in oil prices today.

There are no earnings to report today.

Data courtesy of Trade-Alert

Oil Logs Biggest Daily Gain in Over 10 Years

Oil roared higher after the weekend attack on the Saudi crude production facilities. October-dated crude futures surged $8.05, or 14.7%, to settle at $62.90 per barrel. That's black gold's largest daily gain since late 2008. 

Gold also made outsized moves higher today, as the safe-haven asset got a boost from rising geopolitical uncertainty. Gold for December delivery closed up $12, or 0.8%, at $1,511.50 an ounce.

Dow Jones Industrial Average (DJI) futures are trading below fair value this morning, as uncertainty lingers following weekend airstrikes on crude production facilities in Saudi Arabia. Oil prices are down, too, following Monday's massive surge, with October-dated crude futures off 1.3% at $61.99 per barrel.

Traders are also turning their attention to the two-day Federal Open Market Committee (FOMC) policy meeting, which is set to kick off later today. The Fed is expected to cut rates by a quarter percentage point tomorrow, though the probability of such a move has eased over the last week.

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

• Schaeffer's Senior V.P. of Research Todd Salamone explains why a rotation into bonds and gold could be on the horizon.
• Turtle Beach shorts are on edge as the stock breaks out.
• How options traders reacted to Carnival stock's slide.
• Plus, 3G Capital reduces Kraft Heinz exposure; the "high risk" stock Citi is buying; and Home Depot gets downgraded.

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw 968,232 call contracts traded on Monday, compared to 658,040 put contracts. The single-session equity put/call ratio rose to 0.68, while the 21-day moving average remained at 0.64.
2. Kraft Heinz Co (NASDAQ:KHC) stock is down 2.6% in electronic trading, after the food company said its second-biggest shareholder, Brazil's 3G Capital Partners, unloaded 25.1 million shares at $28.44 apiece. KHC stock settled last night at $29.62, down 31.2% year-to-date.
3. Citi Research initiated coverage on Match Group Inc (NASDAQ:MTCH) with a "buy" rating, labeling the stock "high risk," while waxing optimistic on the dating service firm's growth potential overseas. MTCH stock has consolidated some gains since its early August record high, but has found a foothold at its 80-day moving average, and closed Monday at $76.61.
4. Home Depot Inc (NYSE:HD) was downgraded to "neutral" from "buy" at Guggenheim Securities, which also removed its $230 price target on the Dow stock. The brokerage firm cited HD's valuation, as well as 2020 margin risk from the home improvement retailer's strategic investment plans. Home Depot shares hit a record high of $235.49 last Thursday, Sept. 12, but have since pulled back to test support at their 10-day moving average. The equity is down 1.3% ahead of the bell, after closing last night at $230.99.
5. Industrial production, the National Association of Home Builders (NAHB) housing market index, and Treasury International Capital data are due. Adobe (ADBE), Chewy (CHWY), Cracker Barrel (CBRL), and FedEx (FDX) will report earnings.

Energy Stocks Keep U.K. FTSE 100 Above Breakeven

Stocks in Asia ended mostly lower today amid spiking oil prices and global economic turmoil. Hong Kong's Hang Seng lost 1.2% after Moody's downgraded its outlook to "negative" to "stable," while China's Shanghai Composite fell 1.7% as new home prices for August slowed to near year lows. The Kospi in South Korea, meanwhile, remained nearly unmoved with a 0.01% gain. The Nikkei in Japan, meanwhile, closed up 0.1% after U.S. President Donald Trump outlined an initial trade agreement with Tokyo.

Geopolitical tensions, thanks to volatile oil prices and fears over potential military intervention, have stocks in Europe mostly lower at midday. The French CAC 40 is down almost 0.1%, while the German DAX has lost 0.4% -- brushing off a stronger-than-forecast ZEW investor sentiment reading. The London FTSE 100 is managing a marginal 0.1% win, with index names Shell and BP benefiting from crude supply concerns.

The Dow Jones Industrial Average (DJI) is lower again today, setting up the potential for a second straight loss for the 30-stock index. Oil's reversal after Monday's gains is weighing on the market, as October crude futures slide 5.2% to $59.61 per barrel. The energy sector is underperforming as a result, though the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are still flirting with positive territory at midday. This all comes as the Fed begins its two-day meeting, with a decision on monetary policy to come tomorrow afternoon. 

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

• Video game stock gets "best idea" tag.
• Upgrade keeps rebound alive for Splunk stock.
• Plus, bulls target high-flying solar stock; Match Group pops; and one manufacturer's massive pullback.

One name seeing notable options trading is SunPower Corporation (NASDAQ:SPWR), as the solar stock spikes. The shares are trading up 9.2% at $14.13, and call volume is already at roughly seven times the daily average. Most popular is the weekly 9/27 13-strike call, followed by the March 13 call. A few other short-term calls are seeing opening activity, too, and anyone buying these options would be wagering on more upside for SPWR stock.

One stock on the rise today is online dating specialist Match Group Inc (NASDAQ:MTCH), thanks to positive analyst attention, after Citigroup called attention to the company's international potential. The shares are up 2.8% at $78.76, as they bounce from the 80-day moving average and a trendline of higher lows since November.

One of the worst stocks on the Street today is Corning Incorporated (NYSE:GLW), after the company lowered its forecasts for display and optical units. This has GLW shares down 7.2% at $27.89, putting their one-year decline at nearly 21%.

Dow Jones Industrial Average (DJI) futures are trading cautiously below fair value ahead of this afternoon's Federal Open Market Committee (FOMC) policy decision and subsequent press conference from Fed Chair Jerome Powell. The central bank is expected to drop its key interest rate by one-quarter percentage point, and traders will look to Powell's presser for more rate-cut guidance. Ahead of this, Wall Street is eyeing the Fed's intervention on short-term borrowing costs, with the central bank holding its first overnight repurchase auction since 2008, as well as data showing housing starts hit a 12-year high in August.

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

• Schaeffer's Senior Quantitative Analyst Rocky White explains why oil could be headed for heavy short-term losses.
• Bloom Energy options ramped up after a scathing short seller report.
• One put trader targeted XLF for a pre-Fed roll.
• Plus, FedEx fizzles; Adobe issues a weak forecast; and a drug stock set to sink.

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw 851,323 call contracts traded on Tuesday, compared to 477,486 put contracts. The single-session equity put/call ratio fell to 0.56, while the 21-day moving average remained at 0.64.
2. FedEx Corporation (NYSE:FDX) reported lower-than-expected fiscal first-quarter earnings of $3.05 per share and revenue of $17.05 billion. The shipping giant also cut its full-year forecast, citing rising competition from former customer Amazon. A fresh round of bear notes has come down the pike, too, sending FDX stock down 10.7% ahead of the bell. 
3. Adobe Inc (NASDAQ:ADBE) reported fiscal third-quarter earnings of $2.05 per share on $2.83 billion in revenue, which was more than expected. However, the software firm gave a lower-than-anticipated current-quarter revenue forecast, sending the shares down 3% in electronic trading. ADBE stock closed last night at $284.69, up 25.8% year-to-date.
4. Zynerba Pharmaceuticals Inc (NASDAQ:ZYNE) stock is bracing for a 13.7% drop out of the gate, which will likely have the shares testing their footing in double-digit territory. This comes after the drugmaker reported mid-stage trial data for its epilepsy treatment.
5. Housing starts, weekly crude inventories, and a press conference from Fed Chair Jerome Powell are on deck. General Mills (GIS) will report earnings.

Weak Data Weighs on Tokyo Stocks

Asian stocks ended mixed, with price action muted ahead of the latest U.S. Fed policy decision. South Korea's Kospi was the biggest winner -- up 0.4% on cooling oil prices -- while China's Shanghai Composite rose 0.2% on expectations for banks to ease loan prime rates. Meanwhile, Hong Kong's Hang Seng fell 0.1%, and Japan's Nikkei inched 0.2% lower after weaker semiconductor and auto parts shipments to China contributed to a ninth straight monthly decline in exports.

Stocks in Europe are higher at midday as oil and gas sectors strengthened on Saudi Arabia's announcement that oil production would be back to full capacity by the end of September. London's FTSE 100 and the German DAX are both up 0.1%, with U.K. stocks benefiting from a softer pound on weak economic data. The French CAC 40 has tacked on 0.2% on a boost from state-controlled utility company EDF, which said its recently damaged nuclear reactors will not need to be shut down. 

U.S. stocks are broadly lower today, as traders await a likely interest-rate cut from the Federal Reserve. The post-decision press conference from Fed Chair Jerome Powell is really the biggest focal point, with Wall Street awaiting more details on the central bank's monetary policy plan. The Dow Jones Industrial Average (DJI), Nasdaq Composite (IXIC), and S&P 500 Index (SPX) are so far in the red, setting up a third loss in four sessions for the latter two indexes. Meanwhile, the Cboe Volatility Index (VIX) is only up modestly, though the "fear gauge" is eyeing its first close atop the 10-day moving average since Sept 3.

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

• Options market reacts to FedEx earnings sell-off.
• Inside Wedbush's big iPhone 11 call.
• Plus, long-term traders target Live Nation; Wall Street rookie rallies; and a drugmaker down on a C-suite shake-up.

One name seeing interest options trading is Live Nation Entertainment, Inc. (NYSE:LYV). There has been huge action at the April 70 call, and new positions appear to be opening there. Buyers of the calls would be betting on a push above $70, while selling would indicate traders see LYV shares holding below $70 in the months ahead. The stock was last seen down 2.9% at $67.91, but finding a familiar foothold atop $67.

One stock on the rise today is web performance expert Cloudflare Inc (NYSE:NET), up 3.9% at $19.48. This is the equity's fourth day of trading on public markets, originally opening at $18 on Sept 13, after an initial public offering (IPO) of $15 per share.

Alexion Pharmaceuticals, Inc. (NASDAQ:ALXN), meanwhile, is a notable loser today, down 5% at $102.42 on the surprise departure of the company's chief financial officer (CFO). This keeps the stock in its longer-term downtrend that's been in place since an April peak near $142.

The Dow finished higher today -- erasing a more than 200-point intraday loss -- as last-minute buyers swooped in during the final 30 minutes of trading. Wall Street reacted to the Federal Open Market Committee's (FOMC) decision to cut interest rates by one-quarter point, though the Fed's corresponding statement implied the central bank is divided about further action this year.

Prospects of another rate cut in 2019 also dimmed after Fed Chair Jerome Powell noted  in a subsequent press conference that a "sequence" of rate cuts could be delivered if needed, but is not currently necessary. President Donald Trump took to Twitter to air out his grievances, calling it another "Fail" for the Fed, and saying the central bank has "No 'guts,' no sense, no vision!" 

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

• Bulls should keep an eye on these 2 defense stocks.
• Adobe stock was slammed with rare bear notes after earnings.
• Plus, a big day for the S&P 500's latest member; big options bets on red-hot LXRX; and Baker Hughes bulls active.

The Dow Jones Industrial Average (DJI - 27,147.08) recorded a 36.3-point, or 0.1%, gain. JPMorgan Chase (JPM) had the best day of the 17 blue-chip gainers, finishing up 1%, while Dow Inc (DOW) led the 13 laggards once more with its 1% drop.

The S&P 500 Index (SPX - 3,006.73) tacked on 1 point, or 0.03%, while the Nasdaq Composite (IXIC - 8,177.39) closed down 8.6 points, or 0.1%.

The Cboe Volatility Index (VIX - 13.95) shed 0.5 point, or 3.4%.

5 Items on our Radar Today

1. President Trump named his latest national security advisor today, tapping Robert O'Brien to replace the dismissed John Bolton. O'Brien --Trump's fourth national security advisor -- previously served as the Special Presidential Envoy for Hostage Affairs at the State Department. (MarketWatch)
2. President Trump also said via tweet that he ordered the U.S. Treasury to increase sanctions against Iran. This comes after Saudi Arabia showed evidence that the attack on its oil facilities was “unquestionably sponsored” by Tehran. Iran has denied involvement. (Reuters)
3. CDW stock hit a fresh high after joining the S&P 500.
4. LXRX options trading took off today amid hot streak.
5. Baker Hughes bulls were active today. 

Data courtesy of Trade-Alert

Oil Extends Losses; Gold Pivots Lower After Fed

Oil fell today for the second straight day, still reacting to news Saudi Arabian crude  production will ramp up quicker than anticipated. Plus, the U.S. reported a weekly rise in domestic crude inventories. October-dated crude futures fell $1.23, or 2.1%, to settle at $58.11 per barrel.

Gold gained for the third straight day, but promptly pivoted lower in electronic trading following the Fed's interest rate decision. Prior to the Fed news, gold for December delivery closed up $2.40, or 0.2%, at $1,515.80 an ounce.

It's poised to be a lower start on Wall Street today, with futures on the Dow Jones Industrial Average (DJI) trading just below fair value. This comes after a divided Fed sent markets to a mixed finish on Wednesday, while today, traders are eyeing a round of U.S.-China trade talks, with deputy negotiators from both countries meeting face-to-face in Washington. Economic data is also in focus this morning, with weekly jobless claims rising less than expected last week, and existing home sales data due out at 10 a.m. ET.

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

• New Chewy stock low could draw more bear notes.
• 10 post-parabola TLT levels to watch, courtesy of founder and CEO Bernie Schaeffer.
• Baker Hughes bulls bet on a strong Friday finish.
• Plus, KeyBanc downgrades Akamai; Bloom Energy hit with a bear note; and a stock offering sinks Provention Bio.

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw 828,372 call contracts traded on Wednesday, compared to 583,584 put contracts. The single-session equity put/call ratio jumped to 0.70, while the 21-day moving average remained at 0.64.
2. KeyBanc downgraded Akamai Technologies, Inc. (NASDAQ:AKAM) to "sector weight" from "overweight," saying content delivery growth for 2020 is already priced into the tech stock. AKAM shares are down 2.2% in electronic trading, but could find support near their 40-day moving average, which has helped usher the equity to a 49% year-to-date lead through last night's close at $90.94.
3. Bloom Energy Corp (NYSE:BE) stock is 1.2% higher ahead of the bell, brushing off a price-target cut to $12 from $18 at J.P. Morgan Securities. The bear note comes after the fuel cell specialist took a nosedive earlier this week on a scathing short seller note. BE stock hit a record low of $3.07 yesterday, before closing at $3.34.
4. Provention Bio Inc (NASDAQ:PRVB) stock is bracing for an 11.5% drop out of the gate, after the diabetes drugmaker priced a stock offering at $8 per share -- a roughly 17% discount to last night's close at $9.66. It's still been a monster year for the equity, which has surged 445.8% so far, due mostly to a mid-June bull gap.
5. The Fed's balance sheet will be released after the close. United Natural Foods (UNFI) will report earnings.

Global Stocks React to Fed Rate Cut

Yesterday's Federal Reserve interest rate cut in the U.S. led most Asian markets higher. South Korea's Kospi and the Shanghai Composite in China both managed a 0.5% win. The Bank of Japan also issued its latest policy decision, holding its interest rate targets steady on Thursday in a move expected by analysts. The Nikkei in Japan added 0.4% as a result, while Hong Kong’s Hang Seng lost 1.1%.

The accommodative U.S. Fed has stocks in Europe trading higher at midday. The London FTSE 100 is 0.6% higher after the Bank of England held its interest rates steady, noting that Brexit turmoil could lead to an extended period of low rates. Meanwhile, the German DAX is up 0.3% and the French CAC 40 has tacked on 0.5%.

The Dow Jones Industrial Average (DJI) is higher at midday, with Microsoft (MSFT) stock the best of the blue chips amid buyback buzz. Stocks are also reacting to upbeat economic data -- namely, an unexpected rise in existing home sales in August, and a slimmer-than-forecast decline in the Philadelphia Fed's manufacturing index. Investors are keeping an eye on D.C., too, where U.S.-China trade talks are underway. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are gaining ground alongside the Dow, with the latter within striking distance of its late-July record high.

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

• Analyst: Cloud stock correction creates trading opportunity.
• U.S. Steel stock downgraded after dismal third-quarter guidance.
• Plus, Macy's blasted by options bears; the Chinese stock near the top of the Nasdaq; and another big surge for Navistar.

Macy's Inc (NYSE:M) is seeing unusual options volume today, with nearly 36,000 puts on the tape so far -- eight times what's typically seen at this point, and almost 11 times the number of calls traded. The bulk of the action has centered at the October 15 put, where it looks like new positions are being purchased. M stock's rebound following a dismal August was halted at its 32-day moving average, with the retail shares down 1.2% today at $16.07.

China Biologic Products Holdings Inc (NASDAQ:CBPO) stock is near the top of the Nasdaq today, up 10.6% at $114.12, and fresh off a two-year high of $115.74. The Beijing-based biopharmaceutical firm received a $120 per-share offer to be taken private by a consortium of buyers that already own a combined 58% stake in CBPO.

Navistar International Corp (NYSE:NAV) is one of the best stocks on the New York Stock Exchange (NYSE) today, gaining 7% to trade at $31.08. The truck maker's currently hosting its annual investor day, and announced plans to build a new plant in Texas. It's been a strong month for NAV stock, thanks in part to an earnings-induced rally on Sept. 4 -- but it's now staring up at its 200-day moving average, which kept a lid on the shares in April and May.

The Dow muscled higher by the close, erasing earlier losses in afternoon trading. The S&P 500 and Nasdaq eked out wins, too, thanks to trade tailwinds, with U.S. President Donald Trump telling reporters aboard Air Force One that a deal with China could potentially come soon. After yesterday's historic gain, oil prices pulled back today after Saudi Arabia's energy minister said the country’s oil supply will be back to normal by the end of the month -- much sooner than anticipated. Investors are also eagerly awaiting the Fed's interest rate decision tomorrow, as well as follow-up comments from Fed Chair Jerome Powell.

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

• USO options traders reacted to volatile oil prices. 
• A CEO shocker sank SeaWorld stock.
• Home Depot stock took a breather today after a downgrade.
• Plus, XLF targeted by put traders; surging options volume on one penny stock; and a short seller report blasts Bloom Energy.

The Dow Jones Industrial Average (DJI - 27,110.80) recorded a 33.9-point, or 0.1%, gain. Boeing (BA) had the best day of the 15 blue-chip gainers, finishing up 1.4%, while Dow Inc (DOW) led the 15 laggards with its 2.1% drop.

The S&P 500 Index (SPX - 3,005.70) tacked on 7.7 points, or 0.3%, while the Nasdaq Composite (IXIC - 8,186.02) closed up 32.5 points, or 0.4%.

The Cboe Volatility Index (VIX - 14.44) shed 0.2 point, or 1.6%.

5 Items on our Radar Today

1. Manufacturing output in the U.S. got a boost last month thanks to surging machinery production. Industrial production rose 0.6% in August, according to the Federal Reserve -- its largest gain in a year -- surpassing the consensus estimate for a 0.2% rise. However, the outlook still faces potential trade headwinds and concerns about a slowing global economy. (Reuters)
2. The WeWork initial public offering (IPO) has officially been postponed. The We Company, which owns WeWork, experienced a series of setbacks in the past month, including having to slash its valuation. The startup now plans to have the offering by the end of 2019, possibly in October. (CNBC)
3. Put traders targeted XLF as the Fed meeting kicked off.
4. This penny stock rally today sparked a flurry of options trading.
5. Puts popped after a short seller report burned Bloom Energy stock.

Data courtesy of Trade-Alert

Oil Suffers Sharp Pullback; Two Straight Wins For Gold

Oil pivoted sharply lower today after Saudi Arabian Energy Minister Prince Abdulaziz bin Salman said the kingdom recovered 50% of its production that was lost last weekend. October-dated crude futures fell $3.56, or 5.7%, to settle at $59.34 per barrel.

Gold gained for the second straight day ahead of tomorrow's Fed policy announcement. Gold for December delivery closed up $1.90, or 0.1%, at $1,513.40 an ounce.