The Dow Jones Industrial Average (DJIA) is comfortably higher at midday, as stocks react to several rounds of big M&A news, and traders prepare for the biggest earnings week of the quarter. The Markit flash purchasing managers manufacturing index (PMI) unexpectedly rose to 53.2 in October, marking the best rate of improvement in a year. Elsewhere, traders are anticipating several Fed speeches later today, following St. Louis Fed President James Bullard's comments that interest rates will likely remain low for the next several years.

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

• The $6.4 billion aerospace buyout, and why Wall Street and Bernie Sanders are skeptical of this mega merger.
• One brokerage firm thinks this sports retailer could score all-time highs.
• Plus ... Checking in on the CBOE Volatility Index (VIX), the SPDR S&P 500 ETF Trust (SPY), and other noteworthy stats at midday.

Entertainment stock CBS Corporation (NYSE:CBS) is among the stocks with unusual put volume at midday, as media stocks turn lower on the proposed Time Warner Inc (NYSE:TWX) buyout of AT&T Inc. (NYSE:T). CBS has given up 1.5% to trade at $56.81 so far today, with puts trading at seven times their usual intraday rate, with nearly 14,000 contracts crossing the line. It looks like one trader is betting on limited momentum in the near term, possibly initiating a short straddle at the weekly 11/11 57 strike, with 5,000 call contracts and 5,000 put contracts crossing the line.

Banking stock Merchants Bancshares,Inc. (NASDAQ:MBVT) is the among the top performers on the Nasdaq, following news that MBVT will merge with Community Bank System, Inc. (NYSE:CBU) in a deal worth $304 million. The shares of MBVT, which have enjoyed the support of their 80-day moving average since mid-May, are trading up 31.1% at $43.05, giving MBVT a year-over-year gain of 41.8%. 

Among the worst performers on the New York Stock Exchange today is oil-and-gas company Stone Energy Corporation (NYSE:SGY) which is continuing its sharp plunge, currently trading 19.1% lower at $5.10, after last week's announcement that the company may file for bankruptcy. SGY has dropped over 47% since the news broke on Thursday night. 

The CBOE Volatility Index (VIX) is down 0.3 point, or 2%, at 13.07.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.33, with puts outpacing calls. SPY was last seen up 0.5 point, or 0.2%, at $215.02.

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The Dow Jones Industrial Average (DJIA) explored both sides of breakeven, as stocks reacted to a mixed bag of blue-chip earnings. However, the day's price action eventually resolved to the downside, pressured by negative earnings reactions for Dow components 3M Co (NYSE:MMM) and Caterpillar Inc (NYSE:CAT). In addition, falling oil prices weighed on stocks, while traders also digested a bigger-than-expected drop in consumer confidence this month and a slight increase in home prices in August. 

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

• 2 stocks that plummeted post-earnings.
• This biotech plunged 18%, after a bearish write-up suggested it may be "headed for a big fall." 
• As Valeant Pharmaceuticals Intl Inc (NYSE:VRX) tried to prove Jim Chanos wrong, this drugmaker surged on an earnings win.
• Plus... The Wall Street rookie catching analysts' attention, MGM options traders eye a quick bounce, and one "underappreciated" drugmaker.
  

The Dow Jones Industrial Average (DJIA -18,169.27) dropped 53.8 points, or 0.3%. Of the 11 Dow winners, Procter & Gamble Co (NYSE:PG) managed the biggest win, gaining 3.4%, while Home Depot Inc (NYSE:HD) shed the most of the 19 decliners, losing 3.5%.

The S&P 500 Index (SPX – 2,143.16) also fell, ending 8.2 points, or 0.4%, lower, while the Nasdaq Composite (COMP – 5,283.40) shed 26.4 points, or 0.5%.

The CBOE Volatility Index (VIX – 13.46) tacked on 0.4 points, or 3.4%.

5 Items on Our Radar Today

1. Low commodity prices and falling demand prompted Caterpillar to cut its full-year sales forecast for the fourth time, warning investors that next year could be more of the same. While CAT stock pulled back as a result, it found support atop the previously resistant $84 level. (Bloomberg)
2. Google Express, an online order delivery service, has expanded its services to customers in an additional 13 states. With 50 merchant partners, Google Express is Alphabet Inc's (NASDAQ:GOOGL) attempt to compete with Amazon.com, Inc.'s (NASDAQ:AMZN) rapidly expanding delivery service, in a market that is attracting a wealth of competition. (USA Today)
3. One analyst thinks investors have "underappreciated the impressiveness" of this drugmaker.
4. MGM Resorts International (NYSE:MGM) option players are hoping on an end-of-week bounce.
5. The Wall Street rookie attracting big analyst attention.
   
   

Data courtesy of Trade-Alert

Commodities:

December-dated crude futures fell 56 cents, or 1.1%, to $49.96 per barrel -- closing south of the $50 level for the first time in a week -- amid concerns about a possible wrench in plans to curb global output and speculation over rising domestic crude inventories.

December-dated gold gained $9.90, or 0.8%, to $1,273.60 per ounce -- the highest close since Oct. 3 -- as the U.S. dollar retreated from its earlier advance. Additionally, the malleable metal got a boost from elevated demand out of India, as people prepare for this month's celebration of Diwali and Dhanteras.

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Dow Jones Industrial Average (DJIA) futures are trading below fair value this morning, with tech giant Apple Inc. (NASDAQ:AAPL) set for a post-earnings slump. The iPhone maker posted its first year-over-year decline in revenue in 15 years, though Apple said it expects to return to growth this quarter. Still, AAPL's 3% drop in electronic trading is overshadowing upbeat results for fellow Dow stocks The Coca-Cola Co (NYSE:KO) and Boeing Co (NYSE:BA). Meanwhile, oil prices are on pace for a third straight day of losses, with December-dated crude futures down 1.6% at $49.14 per barrel, ahead of today's report on domestic crude inventories. 


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

• The 20 best and worst stocks to own over the next six months, thanks to Schaeffer's Senior Quantitative Analyst Rocky White. 
• How options traders are preparing for a potential 26% post-earnings swing from this internet stock. 
• Analysts: "Sell" this pair of biotechs. 
• Plus... Southwest bombs, Chipotle misses again, and the healthcare stock set to gap lower. 

Futures on the Dow Jones Industrial Average (DJIA) are 49 points below fair value. 

5 Things You Need to Know Today
  

1. The Chicago Board Options Exchange (CBOE) saw 839,103 call contracts traded on Tuesday, compared to 577,599 put contracts. The resultant single-session equity put/call ratio moved up to 0.69, while the 21-day moving average remained at 0.64.
2. Southwest Airlines Co (NYSE:LUV) is set for an 8% decline when the market opens, after the airline posted a 33% drop in quarterly profits. The company cited July's technology outage for the sharp decline. LUV was already lower on a year-to-date basis, and today's move will put the shares back below the round $40 level. 
3. Burrito expert Chipotle Mexican Grill, Inc. (NYSE:CMG) is down almost 4% ahead of the open, after the company reported disappointing third-quarter results. As such, analysts are again slashing their expectations. For example, Jefferies lowered its price target to $300, and Deutsche Bank cut its price target to $280 -- both representing territory not seen since January 2013, and more than a 25% decline to current levels. 
4. After gapping higher following last quarter's earnings release, healthcare stock Edwards Lifesciences Corp (NYSE:EW) is eyeing a 12% post-earnings slide this time around. Despite matching Wall Street's per-share profit forecast and upping its full-year earnings guidance, the company's third-quarter sales missed expectations. Although a number of analysts cut their price targets, the majority kept their marks above last night's close of $113.68. 
5. International trade data and new home sales come out today. Highlighting the post-close earnings slate will be Tesla Motors (TSLA), Groupon (GRPN), and NXP Semiconductors (NXPI).

Overseas Trading

Stocks in Asia ended the session mostly lower, with a dip in oil prices weighing on energy issues. Specifically, crude oil pulled back amid expectations that U.S. stockpiles rose last week and signs that Russia won't sign on to the Organization of the Petroleum Exporting Countries' (OPEC) proposed output cuts. Additionally, disappointing earnings from Apple put pressure on the tech titan's regional suppliers.

Drilling down, South Korea's Kospi gave up 1.1% following reports mainland China travel agencies were ordered to reduce tourism to the peninsula. Elsewhere, Hong Kong's Hang Seng dropped 1%, while China's Shanghai Composite slipped 0.5%. Japan's Nikkei bucked the downbeat global trend, adding 0.2% amid a round of relatively upbeat earnings reports.

Lower crude oil prices are also weighing on European markets, where the major indexes are in the red at midday. Earnings remain in focus, with traders digesting the latest results, including a 10% increase in quarterly sales for luxury goods maker Kering, and a 3% year-over-year slide in third-quarter profit for Britain's Lloyds Banking Group. At last check, London's FTSE 100 is off 1%, France's CAC 40 has shed 0.6%, and Germany's DAX has dropped 0.8%. 

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Dow Jones Industrial Average (DJIA) futures are trading above fair value this morning, with stocks reacting to this morning's advance reading on third-quarter gross domestic product (GDP). For the period, the U.S. economy grew by 2.9%, topping analysts' expectations of 2.5% growth. Meanwhile, earnings season continues to roll on, headlined today by mixed results from Dow stocks Chevron Corporation (NYSE:CVX) and Exxon Mobil Corporation (NYSE:XOM), as well as tech titans Alphabet Inc (NASDAQ:GOOGL) and Amazon.com, Inc. (NASDAQ:AMZN). 

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

• Was Apple Inc.'s (NASDAQ:AAPL) earnings reaction a bad omen?
• 3 travel stocks heading south. 
• Why options traders flooded Bristol-Myers Squibb Co (NYSE:BMY) and this fellow drugmaker. 
• Plus... Amazon and Alphabet diverge post-earnings, Hershey gains, and the drugmaker slashing guidance. 

Futures on the Dow Jones Industrial Average (DJIA) are 19 points above fair value. 

5 Things You Need to Know Today
  

1. The Chicago Board Options Exchange (CBOE) saw 1,024,239 call contracts traded on Thursday, compared to 563,813 put contracts. The resultant single-session equity put/call ratio fell to 0.55, while the 21-day moving average remained at 0.64.
2. Tech heavyweights Amazon.com, Inc. (NASDAQ:AMZN) and Alphabet Inc (NASDAQ:GOOGL) are in focus this morning after releasing their quarterly results last night. Ahead of the open, AMZN is down 4.4%, after posting lower-than-expected profit for the period. Meanwhile, GOOGL is edging higher, after topping Wall Street's profit estimates. 
3. Chocolate master Hershey Co (NYSE:HSY) is also gaining in pre-market action, up 2%, thanks to strong quarterly results and an upbeat outlook. The shares already boast a 7% year-to-date lead, but obviously stand far below their M&A-induced highs from June. 
4. A major loser ahead of the open is drugmaker Novo Nordisk A/S (ADR) (NYSE:NVO). Down 13%, the shares are on pace to open at a two-year low, after the company halved its long-term growth forecast -- echoing concerns voiced in August.
5. The Thomson Reuters/University of Michigan consumer sentiment index is also set for release today, as are earnings from Anheuser-Busch InBev (BUD) and Xerox (XRX). Meanwhile, next week's schedule features Facebook Inc (FB) earnings and the Federal Open Market Committee's (FOMC) November meeting.

Overseas Trading

Asian markets finished the day mixed, as crude oil traded slightly lower despite Thursday's upbeat comments regarding the Organization of Petroleum Exporting Countries (OPEC) potential production-cut deal. Stocks in the region continued to feel pressure from China's disappointing industrial profits data, with the Shanghai Composite and South Korea's Kospi giving back 0.2% apiece, and Hong Kong's Hang Seng dropping 0.8%. Japan's Nikkei bucked the downbeat trend -- adding 0.6% for the day -- as bank stocks surged on solid earnings for investment issue Nomura Holdings and a cooling yen boosted exporters. This helped overshadow the release of relatively weak inflation data, which showed consumer prices fell for a seventh straight month in September.

Thursday's gross domestic product (GDP) figures out of the U.K. are still in focus in Europe, where a sell-off in government bonds has led to higher bond yields globally. Additionally, fresh economic data showed economic confidence in the eurozone hit a 10-month high in October, fueled by strong gains in France and Spain. Among specific stocks in the spotlight today are French drugmaker Sanofi, up 7% after raising its forecast for the year, and beer giant Anheuser-Busch InBev, which dropped as much as 5% after cutting its growth guidance. At last check, London's FTSE 100 is up 0.1%, France's CAC 40 has added 0.3%, and Germany's DAX has given back 0.2%.

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The Dow Jones Industrial Average (DJIA) is maintaining its lead as traders parse the latest corporate earnings results, despite a slight dip earlier following the release of the Thomson Reuters/University of Michigan consumer sentiment index, which fell by more than expected to hit a two-year low in October. Stocks are still broadly getting a boost from this morning's strong third-quarter gross domestic product (GDP) reading. And while crude oil prices are on pace for the largest weekly drop in six weeks -- the December contract was last seen 0.4% lower at $49.52 per barrel -- amid lingering doubts over a potential production-cut deal, two major oil stocks are moving in opposite directions following mixed earnings.

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

• The drug distributor getting destroyed on comments analysts say "will likely spook already skittish" investors.
• How Chipotle Mexican Grill, Inc. (NYSE:CMG) is building a defense against a potential Ackman attack.
• Plus ... Checking in on the CBOE Volatility Index (VIX), the SPDR S&P 500 ETF Trust (SPY), and other noteworthy stats at midday.

Biotech issue Amgen, Inc. (NASDAQ:AMGN) is among the stocks with unusual options volume at midday. Disappointing drug news overshadowed a strong earnings result to send the shares spiraling 10.6% to $143.58, but some speculators are betting on a rebound. AMGN calls are trading at 12 times the typical intraday rate, and total options volume is on pace for an annual high. Leading the day's action so far is the weekly 11/4 152.50-strike call, where buy-to-open action has been confirmed. Buyers of the call are looking for AMGN to rally back above the strike before next Friday's close, when the option expires. However, AMGN is among the historically worst-performing stocks in the November-April period.

Among the top performers on the Nasdaq today is Apple Inc. (NASDA:AAPL) supplier Cirrus Logic, Inc. (NASDAQ:CRUS). The stock has tacked on 11% to $57.50 after beating expectations for quarterly earnings and receiving a round of upbeat analyst attention. The shares have now added nearly 95% in 2016, and sit just a chip-shot from their September record high of $58.08.

Drug distributor McKesson Corporation (NYSE:MCK) is among the worst performers on the New York Stock Exchange at midday, following a disappointing earnings result and lowered full-year guidance. The stock has plummeted 23.2% to $123.28, hitting a fresh three-year low of $114.53 earlier, and inspiring several brokerage firms to slash their outlooks.

The CBOE Volatility Index (VIX) is off 0.5 point, or 3%, at 14.90.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.71, with puts significantly outpacing calls. SPY was last seen up 0.6 point, or 0.3%, at $213.79.

Find out where the Dow lands right after the closing bell. Sign up now for Schaeffer's Market Recap

The Dow Jones Industrial Average (DJIA) explored a 104-point range in choppy trading. Stocks reacted to a fresh batch of of corporate earnings and a mixed round of economic reports, which included last month's rise in pending home sales. Elsewhere, rising oil prices temporarily boosted stocks, although surging Treasury yields eventually helped to pressure markets back into negative territory.

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

• The under-the-radar stock that may be worth second look.
• A $38 billion semiconductor buyout.
• The technical tool that helps traders identify potentially profitable price trends.
• Plus... A $3 billion biotech buyback, 3 travel stocks in analysts' crosshairs, and why Celgene options were so hot today.
  

The Dow Jones Industrial Average (DJIA - 18,169.68) fell 29.7 points, or 0.2%. Verizon Communications Inc. (NYSE:VZ) led the 12 Dow winners, gaining 1.9%, while Boeing Co (NYSE:BA) dropped 1.5%, the most of the 18 losers.

The S&P 500 Index (SPX – 2,133.04) lost 6.4 points, or 0.3%, as the Nasdaq Composite (COMP – 5,215.97) also ended lower, dropping 34.3 points, or 0.7%.

The CBOE Volatility Index (VIX – 15.36) rose 1.1 points, or 7.9%.

5 Items on Our Radar Today

1. Apple Inc. (NASDAQ:AAPL) unveiled its new MacBook Pro at a much-anticipated event this afternoon. Amid slumping laptop sales, AAPL incorporated several new features into its MacBook revamp in an attempt to lure new customers and get current customers to upgrade their PCs, including an integrated touchscreen strip. (Business Insider)
2. United Parcel Service, Inc. (NYSE:UPS) announced it would be purchasing 14 747-8 cargo jets from Boeing to the tune of $5.3 billion as growth of air cargo shipping services takes off. (Reuters)
3. 3 travel stocks that attracted analyst attention.
4. What had Celgene Corporation (NASDAQ:CELG) sizzling -- and options traders calling for more upside.
5. Why this biotech is buying back $3 billion in shares.

Data courtesy of Trade-Alert

Commodities:

December-dated crude futures finished the day at $49.72 per barrel, up 54 cents, or 1.1%. Revived expectations of a potential crude output deal among the Organization of Petroleum Exporting Countries (OPEC) boosted black gold, as Gulf state OPEC members said they were willing to cut production by as much as 4%.

Gold for December delivery tacked on $2.90, or 0.2%, to end the day at $1,269.50 per ounce, as physical demand from India ahead of several festivals and a mixed bag of U.S. economic data buoyed bouillon. 

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After spending most of the session higher on a relatively upbeat gross domestic product (GDP) reading, the Dow Jones Industrial Average (DJIA) plunged into the red this afternoon following the latest "October surprise" in the U.S. presidential race. By session's end, though, the Dow had pared most of those losses to hang on for a weekly win. In addition to the FBI's new Hillary Clinton email probe, corporate earnings were also in the spotlight -- with several tech stocks rallying -- while crude oil prices got crushed ahead of this weekend's Organization of the Petroleum Exporting Countries (OPEC) meeting.

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

• Options traders swarmed these 3 bombing biotechs.
• Earnings season sent a pair of oil majors on wildly different paths.
• One healthcare stock slid after its goals were deemed "no longer ... achievable."
• Plus... Twitter on fire, more downside for Valeant, and Chipotle braces for a big battle.
  

The Dow Jones Industrial Average (DJIA - 18,161.19) explored a roughly 162-point range on both sides of breakeven, but finished just 8.5 points, or 0.05%, lower. Fourteen of the Dow's 30 components settled in the black, led by a 3.9% jump at Chevron Corporation (NYSE:CVX). Merck & Co., Inc. (NYSE:MRK) was the worst performer among the 16 losing blue-chip stocks, shedding 4%. On a weekly basis, the Dow was up nearly 0.1%.

The S&P 500 Index (SPX - 2,126.41) slid 6.6 points, or 0.3%, and surrendered 0.7% on the week. The Nasdaq Composite (COMP - 5,190.10) was even worse off, giving up 25.9 points, or 0.5%, while diving 1.3% over the past five sessions.

The CBOE Volatility Index (VIX - 16.19) jumped 0.8 point, or 5.4%, bringing its weekly advance to 21.4%. In fact, the market's "fear gauge" notched its highest weekly close since Sept. 9.

5 Items on Our Radar Today

1. The FBI said it discovered a new batch of emails related to Democratic presidential nominee Hillary Clinton's use of an unsecured private email server, and plans to investigate whether they contain classified information. The FBI had previously closed its email investigation last month, deciding against pursuing criminal charges. (The New York Times)
2. Anxiety is running high at Wells Fargo & Co (NYSE:WFC), as the banking giant awaits comments from Warren Buffett, chair of leading shareholder Berkshire Hathaway Inc. (NYSE:BRK.A), on its recent unauthorized account scandal. BRK.A's quarterly filing, due next Friday, could indicate a reduction of its 10% stake in WFC. (Reuters)
3. Twitter Inc (NYSE:TWTR) stayed hot after an analyst said the social media firm's "product tweaks appear to be bearing fruit."
4. Option bears piled on plummeting Valeant Pharmaceuticals Intl Inc (NYSE:VRX).
5. How Chipotle Mexican Grill, Inc. (NYSE:CMG) is preparing for its latest threat.

Data courtesy of Trade-Alert

Commodities:

Crude oil suffered its first weekly loss in over a month, amid doubts that OPEC will agree on a plan to curb production this weekend. Specifically, December-dated crude lost $1.02, or 2.1%, to settle at $48.70 per barrel. On a weekly basis, liquid gold surrendered 4.2%, snapping a five-week winning streak.

Gold futures got a boost from the FBI's decision to re-open its Clinton email investigation, increasing uncertainty about who will win the upcoming U.S. presidential election. Specifically, gold for December delivery added $7.30, or 0.6%, to end at $1,276.80 per ounce. The precious metal also notched third consecutive weekly advance, adding 0.7% relative to last Friday.

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Dow Jones Industrial Average (DJIA) futures are trading above fair value this morning, as traders prepare for a busy week ahead of next Tuesday's U.S. presidential election. With Friday's "October surprise" involving Hillary Clinton's emails still fresh on the mind, Wall Street is also bracing for this week's Federal Open Market Committee (FOMC) meeting, though the central bank is widely expected to keep interest rates unchanged until December. As for today, stocks could take their cues from the latest round of economic data -- such as this morning's consumer spending numbers, which rose by more than expected in September -- not to mention another heavy dose of corporate earnings reports and a handful of M&A announcements.

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

• Though Amgen, Inc. (NASDAQ:AMGN) faced its worst day in seven years, its losses paled in comparison to this smaller sector peer. 
• 2 big events on the radar for Valeant Pharmaceuticals Intl Inc (NYSE:VRX) traders. 
• While bulls flock to Facebook Inc (NASDAQ:FB) ahead of earnings, analysts are reporting "solid progress" for Twitter Inc (NYSE:TWTR).
• Plus... Nike down again, a tech takeover, and General Electric's big move. 

Futures on the Dow Jones Industrial Average (DJIA) are almost 25 points above fair value. 

5 Things You Need to Know Today
  

1. The Chicago Board Options Exchange (CBOE) saw 886,789 call contracts traded on Friday, compared to 689,802 put contracts. The resultant single-session equity put/call ratio jumped to 0.78, while the 21-day moving average remained at 0.64.
2. Dow stock Nike Inc (NYSE:NKE) is among the pre-market losers this morning, dropping more than 1.5% in electronic trading. Pressuring the shares is a downgrade to "underperform" at BofA-Merrill Lynch, which also dropped its price target to $46 from $56. It's been a tough year for NKE, as the stock is down almost 17% year-to-date. 
3. Meanwhile, Level 3 Communications, Inc. (NYSE:LVLT) is set to open 4.9% higher, after CenturyLink Inc (NYSE:CTL) agreed to buy the firm for about $24 billion. LVLT spiked amid M&A rumors late last week, and hit an eight-year high in July as buyout buzz swirled. 
4. Oilfield services provider Baker Hughes Incorporated (NYSE:BHI) is looking at a 10.7% jump this morning -- set to continue Friday's rally -- after it was confirmed the company and General Electric Company's (NYSE:GE) will merger their oil-and-gas businesses. The new unit will be controlled by GE, while BHI shareholders will receive a one-time cash dividend of $17.50. 
5. The Chicago purchasing managers index (PMI) and the Dallas Fed manufacturing survey come out today, as well. For the earnings slate, Cardinal Health (CAH), Lumber Liquidators (LL), and Southern (SO) are among those reporting. 

Overseas Trading

Stocks in Asia finished lower, with fresh concerns over the U.S. presidential election and lower crude oil prices weighing on markets. Traders also digested a mostly disappointing round of economic data out of Japan, including a seventh straight monthly decline in retail spending, as the country's central bank kicked off a two-day policy meeting. Japan's Nikkei, Hong Kong's Hang Seng, and China's Shanghai Composite each shed 0.1% for the day. South Korea's Kospi dropped 0.6%, following a weekend of protests in Seoul calling for President Park Geun-hye's resignation over the sharing of classified information. Meanwhile, a nearly 25% pop for troubled Hanjin Shipping failed to boost stocks in the region, with a stronger won pressuring exporters.

Traders in Europe are also parsing the latest developments in the reopening of an FBI probe into Hillary Clinton's email use. Meanwhile, oil prices are slipping after talks in Vienna over the weekend failed to yield a consensus as to whether non-Organization of the Petroleum Exporting Countries (OPEC) members will join in a global production-cut agreement. European markets are in the red at midday, with steady gross domestic product (GDP) growth and a slight uptick in inflation figures for the eurozone failing to give stocks a lift. Germany's DAX is off 0.3% after the country reported its sharpest decline in monthly retail sales in more than two years. London's FTSE 100 has slipped 0.4%, and France's CAC 40 is down 0.7%.

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The Dow Jones Industrial Average (DJIA) is sitting higher at midday, while the S&P 500 Index (SPX) and the Nasdaq Composite (COMP) are on track to extend their daily losing streaks to eight – thanks to big post-earnings losses for tech stock Facebook Inc (NASDAQ:FB). Plus, as election anxiety continues to swirl, the CBOE Volatility Index (VIX) is on pace for an eighth straight day of gains -- matching the record for the market's "fear gauge." Ahead of tomorrow's jobs report, stocks are reacting to the latest jobless claims number, as well as a third straight monthly rise in factory orders for September and a lower-than-expected reading on last month's Institute for Supply Management's (ISM) services index. Additionally, oil prices have turned lower, with December-dated crude futures down 0.8% at $44.99 per barrel.

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

• 3 cybersecurity stocks to have on the earnings watch list.
• While this video game stock is notching a new high score post-earnings, shares of this wearable tech firm are plunging to all-time lows.

• Plus ... Checking in on the VIX, the SPDR S&P 500 ETF Trust (SPY), and other noteworthy stats at midday.

Among the stocks with unusual options volume at midday is insurance stock Citizens, Inc. (NYSE:CIA). The stock is currently trading 3.2% higher at $7.75, and call options are trading at 1,349 times their normal intraday clip, with over 35,000 calls on the tape -- an annual peak -- compared to just 326 puts. Nearly all of these calls have centered at the December 7.50 call and November 10 calls, where one speculator may be rolling her position down and out.

Cloud stock Actua Corp (NASDAQ:ACTA) is among the top performers on the Nasdaq today, currently trading up 14% at $13.22.  Earlier, the company reported earnings that beat expectations and announced an $80 million modified "Dutch auction." Ushered higher by its 50-day moving average since mid-July, ACTA is currently up roughly 15% so far this year.

Drug distributor Diplomat Pharmacy Inc (NYSE:DPLO) is among the worst performers on the New York Stock Exchange (NYSE) today, currently trading down 39.1% at $13.63, after the company's earnings miss was met with a round of bearish analyst notes. DPLO now sits down 60% year-to-date, and notched an all-time low of $13.10 earlier.

The CBOE Volatility Index (VIX) is up 0.4 point, or 2%, at $19.70.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 2.06, with puts nearly doubling calls.At last check, SPY was down 0.1%, or 0.1 point, at $209.61.

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Dow Jones Industrial Average (DJIA) futures are comfortably above fair value, looking to break a five-day losing streak that has the large-cap index down 1% so far for November, and below a key technical level. Stocks are reacting to a hefty round of earnings results this morning -- though Facebook Inc (NASDAQ:FB) results are weighing on the tech-heavy Nasdaq Composite (COMP) -- along with a bounce in oil prices. At last check, December-dated crude futures were 0.8% higher at $45.68 per barrel. 

Also influencing stocks this morning are weekly jobless claims, which came in slightly above estimates, hitting a roughly three-month high. Meanwhile, the preliminary reading on U.S. productivity signaled the highest level of growth in two years, after three consecutive quarters of declines. Finally, traders are eyeing an interest rate decision and upwardly revised gross domestic product (GDP) forecast from the Bank of England (BOE), as well as a high court's key Brexit decision.

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

• The level options traders are targeting after Allergan plc Ordinary Shares' (NYSE:AGN) earnings miss. 
• What sent these 2 medical device makers plunging to record lows? 
• Options players pounced after GameStop Corp.'s (NYSE:GME) "shocking" results.
• Plus... Fitbit eyes record lows, Chesapeake pops, and Facebook disappoints the bulls.

Futures on the Dow Jones Industrial Average (DJIA) are 45 points above fair value.

5 Things You Need to Know Today
  

1. The Chicago Board Options Exchange (CBOE) saw 702,186 call contracts traded on Wednesday, compared to 697,220 put contracts. The resultant single-session equity put/call ratio rose to 0.99, while the 21-day moving average climbed to 0.68.
2. Wearable tech specialist Fitbit Inc (NYSE:FIT) is set to open at a record low, plunging more than 29% in electronic trading, to the likely delight of bearish traders. The company reported earnings in line with estimates, but revenue fell short and FIT's current-quarter and full-year outlooks came in well below predictions.
3. Option bulls may be cheering Chesapeake Energy Corporation's (NYSE:CHK) results, meanwhile. The company surprised the Street by reporting an adjusted profit for the first time in six quarters, sending the stock up 5.5% ahead of the bell.
4. FB shareholders may be taking it on the chin this morning, as the company's slowing growth outlook seems to be overshadowing yet another quarterly earnings beat. The shares are set to open nearly 5% in the red, at their lowest level since late July.
5. Factory orders and the ISM non-manufacturing index round out a busy day on the economic calendar. Among the companies heading into the earnings confession will be Starbucks (SBUX), GoPro (GPRO), Activision Blizzard (ATVI),  FireEye (FEYE), Las Vegas Sands (LVS), Level 3 Communications (LVLT), Skyworks Solutions (SWKS), and Weight Watchers International (WTW).

Overseas Trading

Asian markets ended mostly higher, with China's Shanghai Composite tacking on 0.8%, after the Caixin services purchasing managers index (PMI) signaled expansion in October. Elsewhere, South Korea's Kospi added 0.3%. Meanwhile, a 20th straight month of contraction in the Nikkei Hong Kong PMI weighed on the Hang Seng, dragging the regional benchmark down 0.6%. Markets in Japan were shuttered for holiday, with stocks unable to respond as the yen continued to strengthen against the U.S. dollar.

Most European stocks are higher at midday, as bank stocks rally amid a surging pound and a well-received round of earnings. Specifically, sterling is on the rise after a U.K. high court ruled the government will need a parliamentary vote of approval before initiating Brexit plans -- known as Article 50 -- though the government said it plans to appeal this ruling. Recovering oil prices are also boosting markets, with the French CAC 40 up 0.7%, and the German DAX tacking on 0.2%. Nevertheless, London's FTSE 100 is down 0.5%, pressured by the Brexit ruling -- and in the wake of the BoE's decision to leave interest rates unchanged. The central bank also indicated it would stand pat on its current monetary policy for the remainder of 2016.

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The Dow Jones Industrial Average (DJIA) explored both sides of breakeven -- and was briefly down 105 points after the Fed announced its policy decision -- eventually closing below the 18,000 millennium mark for the first time in nearly four months. Specifically, the Federal Open Market Committee (FOMC) kept interest rates unchanged -- which wasn't unexpected, especially with a tightening U.S. presidential election just around the corner. Meanwhile, heavy losses in crude oil prices pressured stocks, resulting in a seventh consecutive daily drop for both the S&P 500 Index (SPX) and Nasdaq Composite (COMP), marking the former's longest slump since 2011.

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

• These 25 stocks could rally before Election Day, if recent history prevails.
• One drug stock's worst day ever.
• Is embattled Under Armour Inc (NYSE:UA) a takeover target?
• Plus... The retailer "shocking" Jim Cramer, one stock's 68% loss, and bears bombard Allergan.
  

The Dow Jones Industrial Average (DJIA - 17,959.64) surrendered 77.5 points, or 0.4%, marking a fifth consecutive loss. Seven of the Dow's 30 components advanced, led by 3M Co's (NYSE:MMM) 0.9% gain. Among the 23 blue-chip decliners, Verizon Communications Inc. (NYSE:VZ) was the worst performer, slipping 1.5%.

The S&P 500 Index (SPX - 2,097.94) dropped 13.8 points, or 0.7%, to close below 2,100 for the first time since July 7. Meanwhile, the Nasdaq Composite (COMP - 5,105.57) shed 48 points, or 0.9%, after a test of the 5,100 level.

The CBOE Volatility Index (VIX - 19.32) jumped 0.8 point, or 4.1%, for its loftiest daily close since June 27.

5 Items on Our Radar Today

1. While the Fed decided not to raise interest rates during its policy meeting this week, the central bank expressed optimism that inflation is nearing its 2% target. "The committee judges that the case for an increase in the federal funds rate has continued to strengthen but decided, for the time being, to wait for some further evidence of continued progress toward its objectives," wrote the Fed in a statement. (Reuters)
2. Just a week after the government announced a 25% Obamacare premium hike, Anthem Inc (NYSE:ANTM) said it may reduce its participation on the program's state exchanges in 2018. "If we do not see clear evidence of an improving environment and a path towards sustainability in the marketplace, we will likely modify our strategy," said CEO Joseph Swedish. (Bloomberg)
3. Jim Cramer called this retailer's preliminary earnings report "shocking."
4. Why this healthcare stock sank 68%.
5. Will Allergan plc (NYSE:AGN) take back $200? These option bears hope not.

Data courtesy of Trade-Alert

Commodities:

A record rise in weekly crude stockpiles -- 14.4 million barrels, according to the Energy Information Administration (EIA) -- took a heavy toll on oil prices. Specifically, December-dated crude futures plunged $1.33, or 2.9%, to settle at $45.34 per barrel -- a five-week low.

Gold hit its highest perch in nearly a month, and settled above the $1,300 level for the first time since Oct. 3, thanks to an ailing dollar and macro uncertainty. By day's end, gold for December delivery was up $20.20, or 1.6%, at $1,308.20 per ounce, but was slipping in electronic trading after the Fed announcement.

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The Dow Jones Industrial Average (DJIA) sank again amid ongoing pre-election fears, ahead of tomorrow's crucial nonfarm payrolls report. Stocks also reacted to a mixed round of economic data, and another downbeat session for crude oil prices. By session's end, the Dow was staring at a sixth consecutive loss, while the broader S&P 500 Index (SPX) and tech-heavy Nasdaq Composite (COMP) had made it eight straight daily drops -- something the SPX hasn't done since the 2008 Great Recession.

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

• Why Valeant Pharmaceuticals Intl Inc (NYSE:VRX) and these 3 biotech peers got slammed.
• Jim Cramer says "don't buy any more" of this retail stock.
• The red-hot "fear gauge" just sent up a signal not seen since 2013.
• Plus... A potential chipmaker buyout, 2 exploding oil stocks, and Facebook's flop.
  

The Dow Jones Industrial Average (DJIA - 17,930.67) slipped 29 points, or 0.2%. Eleven of the Dow's 30 stocks settled in the green, led by a 1.6% pop at Walt Disney Co (NYSE:DIS). Of the remaining components, 18 finished lower -- with Pfizer Inc. (NYSE:PFE) the worst off, down 2.4% -- and Chevron Corporation (NYSE:CVX) flat.

The S&P 500 Index (SPX - 2,088.66) dove 9.3 points, or 0.4%, while the Nasdaq Composite (COMP - 5,058.41) surrendered the 5,100 level, shedding 47.2 points, or 0.9%.

The CBOE Volatility Index (VIX - 22.08) added 2.8 points, or 14.3%, for an eighth consecutive win -- and its highest finish since June 27.

5 Items on Our Radar Today

1. CIGNA Corporation (NYSE:CI) announced it will not expand its Obamacare coverage into more states, as originally intended, becoming the latest insurer to jilt the healthcare program. While the company's quarterly earnings came in above expectations, its government medical loss ratio expanded by 1.7 percentage points. (Reuters)
2. The White House unveiled plans to establish nearly 50 electric vehicle charging networks spanning 35 U.S. states. The hope is that wider access to charging stations will spur adoption of electric vehicles, which has not lived up to expectations. (Reuters, via CNBC)
3. Buyout buzz sent options traders streaming to this chipmaker.
4. A pair of oil stocks that powered higher on earnings.
5. Breaking down Facebook Inc's (NASDAQ:FB) earnings flop.

Data courtesy of Trade-Alert

Commodities:

Oil closed at a six-week low, pressured by a 1.2-million-barrel build at a Cushing, Oklahoma, delivery hub -- on top of ongoing fears the Organization of the Petroleum Exporting Countries (OPEC) will be unable to agree on a plan to curb output later this month. Specifically, crude for December delivery suffered a fifth straight decline, dropping 68 cents, or 1.5%, to land at $44.66 per barrel.

Gold retreated for the first time in three sessions, but managed to maintain its perch atop the round $1,300 level. By the close, December-dated gold was down $4.90, or 0.4%, to settle at $1,303.30 per ounce.

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