Wall Street is bracing for another tumultuous week, with futures on the Dow Jones Industrial Average (DJIA) pointed more than 600 points lower. Setting the bearish tone this morning is a drastic drop for Asian markets, with the Shanghai Composite suffering its worst single-session loss in roughly eight years. On the economic front, there are no major reports scheduled today, though traders will get a chance to hear from Atlanta Fed President Dennis Lockhart this afternoon. 

 

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

 

• A major revamp at Tesla Motors Inc (NASDAQ:TSLA) did little to boost the stock -- or stop option bears from betting on more losses.
• The $900 million investment that had Siliconware Precision Industries (ADR) (NASDAQ:SPIL) bouncing back in a big way.
  
• While earnings had this networking name soaring, one computer concern tumbled to new lows.
• Plus … 5 things you need to know this morning -- including stocks making waves, what's happening overseas, and the latest in unusual option activity.

And now, on to the numbers…

 

 

Futures on the Dow Jones Industrial Average (DJIA) are nearly 616 points below fair value. 

 

5 Things You Need to Know Today

 

1. Stocks in China got hammered again, as traders priced in ongoing concerns about the health of the country's economy. 
2. The CBOE Volatility Index (VIX) settled last Friday at 28.03, more than doubling on a week-over-week basis. VIX options were in high demand, with 1.67 million contracts on the tape at the close -- two times the expected daily rate -- and VIX calls outpaced puts by a more than 2-to-1 margin.
3. Falling in line with the broader market, Netflix, Inc. (NASDAQ:NFLX) is poised to add to last week's drubbing. The shares are 10.2% lower ahead of the open, even after the company announced a partnership with Japan's SoftBank Group to help facilitate the launch of the streaming service in the country. 
4. NFLX is not alone in its misery, though: fellow tech stock Facebook Inc (NASDAQ:FB) is looking at a 6.6% pre-market drop, while semiconductor maven Ambarella Inc (NASDAQ:AMBA) is set to drag the Russell 2000 Index (RUT) lower once again, off 12.5% ahead of the bell. 
5. Crude oil, too, is facing new lows on the heels of China's weakness. Several big names are getting burnt as liquid gold continues to flirt with over six-year lows on demand concerns from the world's second largest economy. 

 

 

 

Market Statistics

 

• Apple Inc. (NASDAQ:AAPL) and Alibaba Group Holding Ltd (NYSE:BABA) were among the equities with unusual call and put activity on Friday. For the entire list, read Unusual Options Activity: VIX, AAPL, TSLA, and BABA.
• The Chicago Board Options Exchange (CBOE) saw 1.26 million call contracts traded on Friday, compared to 1.30 million put contracts. The resultant single-session equity put/call ratio jumped to 1.04, while the 21-day moving average rose to 0.74.
• For info on currencies, commodities, trading volume, market breadth, and more, read Stock Market Stats for August 21, 2015.

 

Earnings and Economic Data

 

The week kicks off quietly, with only the Chicago Fed's national activity index on tap. Later today, Atlanta Fed President Dennis Lockhart will speak in Berkeley, California. Turning to earnings, Tuniu (TOUR), Premier (PINC), and Qunar Cayman Islands (QUNR) all report quarterly results. To see what's on tap for the rest of the week, click here.

 

The Dow Jones Industrial Average (DJIA) plunged nearly 1,100 points at the open -- hitting an annual low of 15,370.33 along the way -- but has since pared these losses to 232 points. The S&P 500 Index (SPX), meanwhile, was off triple digits at one point, while the Nasdaq Composite (COMP) plummeted to its lowest level since last October. Combining last week's drubbing -- the worst since 2011 -- and today's drop (preceded by the New York Stock Exchange invoking the rare "Rule 48"), all three major market indexes are sitting in correction territory. Elsewhere, with China stoking fear around the globe, the CBOE Volatility Index (VIX) hit a six-year high of 53.29 earlier.

 

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

 

• The volatility alarm that hasn't sounded in more than 13 years.
• Schaeffer's contributor Adam Warner compares the latest VIX blast to the Crash of '87.
• Plus ... Checking in on the VIX, the SPDR S&P 500 ETF Trust (SPY), and other noteworthy stats at midday.

 

 

Among the stocks with notable option activity is Bank of America Corp (NYSE:BAC), with the contracts crossing at two times the average intraday pace. Calls are outpacing puts by a 2-to-1 margin, and it looks like one trader opened a block of 16,760 weekly 9/4 16.50-strike calls for $0.21 apiece. The stock is off 1.5% at $15.86 -- and earlier hit an annual low of $14.60 -- despite some upbeat attention from the brokerage bunch.

 

One of the top losers on the Big Board is China-based Alibaba Group Holding Ltd (NYSE:BABA). The e-commerce concern is down 2.1% at $66.74 -- after falling to a record low of $58, its first foray south of its IPO price to date.

 

One of the biggest decliners on the Nasdaq is Omeros Corporation (NASDAQ:OMER), down 13.2% to churn near $18.19. Just last week, the stock soared to all-time highs thanks to well-received drug data. The stock is now testing a foothold atop its 10-day moving average.

 
​

 

The CBOE Volatility Index (VIX) is up 5.7 points, or 20.4%, at 33.76 -- and earlier hit a six-year peak of 53.29.

 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 2.90, with puts nearly tripling calls. More than 2.3 million SPY puts have changed hands today -- twice the intraday norm. At last check, the exchange-traded fund (ETF) was down 2.8 points, or 1.4% at $195.12, and on track for its lowest close since late October.

The Dow Jones Industrial Average (DJIA) crashed by more than 1,000 points in early trading -- its biggest intraday swing in history -- putting it in territory not explored since February 2014, sparked by fears of Chinese contagion. While the bellwether finished off its lows, it couldn't avoid a fourth straight triple-digit loss, wrapping up its worst three-day stretch ever. On a percentage basis, though, the broader S&P 500 Index (SPX) was even worse off, suffering its third consecutive loss of more than 2% for the first time in 13 years -- which could beget more volatility -- and falling into correction territory. Meanwhile, the CBOE Volatility Index (VIX) jumped above 50 for the first time since early 2009, conjuring memories of 1987, for some.

 

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

 

• Apple Inc.'s (NASDAQ:AAPL) plunge into double-digit territory fueled notable options activity.
• Traders took notice as these 2 solar stocks -- not to mention this outperforming small-cap -- swung wildly.
• 'Rule 48,' broker bellyaches, and more crazy market stats.
• Plus ... Why Tim Cook may be in trouble, Target Corporation (NYSE:TGT) settles discrimination suit, and 2 energy stocks hitting lows.

 

The Dow Jones Industrial Average (DJIA - 15,871.28) spent the entire day in the red, striking an annual low of 15,370.33, and ending on a loss of 588.5 points, or 3.6%. It was the third straight session in which not a single Dow component ended higher. Instead, JPMorgan Chase & Co. (NYSE:JPM) led a group of 30 losers lower, diving 5.3% -- and to a fresh annual bottom.

The S&P 500 Index (SPX - 1,893.21) flirted with a triple-digit drop, before ending on a deficit of 77.7 points, or 3.9% -- putting it in correction territory. The Nasdaq Composite (COMP - 4,526.25) joined the SPX in correction territory, swooning 179.8 points, or 3.8%, to mark its third straight triple-digit drop.

The CBOE Volatility Index (VIX - 40.74) jumped to a six-year high of 53.29, and ended on a gain of 12.7 points, or 45.3%, for its highest close in nearly three years.

 

 

 

 

5 Items on Our Radar Today:

 

1. While the Street applauded AAPL CEO Tim Cook's comments about China's economy, the Securities and Exchange Commission (SEC) may not be too pleased. Speculation is already swirling that Cook's private email to CNBC's Jim Cramer -- which was later made public -- may have violated the SEC's Fair Disclosure regulation, especially since Cramer co-manages a portfolio with a long position in AAPL. (MarketWatch)
2. TGT reached a $2.8 million settlement following charges of hiring discrimination. According to the lawsuit, filed by the U.S. Equal Employment Opportunity Commission, the retailer screened applications on the basis of race and gender, even though the tests weren't job-related. (Associated Press, via ABC News)
3. Chevron Corporation (NYSE:CVX) and Halliburton Company (NYSE:HAL) touched fresh lows as energy stocks got pummeled.
4. Despite receiving positive analyst attention, these 3 big-name stocks succumbed to the broad-market pressure.
5. Short-term bulls bet on this China-based Internet name to bounce back strong by week's end.

 

 

 

 

Commodities:

 

Crude oil was pressured south by the global stock market sell-off, putting the commodity on track for yet another weekly loss. October-dated futures lost $2.21, or 5.5%, to settle at $38.24 per barrel -- a new 6.5-year low.

 

Gold failed to capitalize on its safe-haven reputation, despite the global equities meltdown and a weaker dollar. At the close, gold for December delivery was off $6, or 0.5%, at $1,153.60 per ounce.

 

In what's being dubbed "Turnaround Tuesday," the Dow Jones Industrial Average (DJIA) is soaring today -- up nearly 450 points at its session peak -- paring a big portion of yesterday's mind-boggling losses, and reclaiming a foothold atop 16,000. Meanwhile, the S&P 500 Index (SPX) has climbed out of correction territory, while the Nasdaq Composite (COMP) is more than 100 points higher -- its fourth consecutive triple-digit intraday move. Elsewhere, the CBOE Volatility Index (VIX) has plunged almost 28% -- after jumping to a six-year high on Monday.

Today's volatility comes courtesy of the People's Bank of China (PBOC), which announced a fresh round of stimulus measures to try and stem recent selling. While it couldn't save the Shanghai Composite from another brutal day, it has managed to lift global markets. Back on the homefront, both housing prices and new home sales ticked higher, while consumer confidence hit a seven-month peak.

 

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

 

• Is now the time to scoop up Netflix, Inc. (NASDAQ:NFLX) and this trio of S&P survivors?
• Schaeffer's contributor Adam Warner breaks down "the second-largest VIX storm on record."
• Plus ... Checking in on the VIX, the SPDR S&P 500 ETF Trust (SPY), and other noteworthy stats at midday.

 

 

Among the stocks with notable option volume is Best Buy Co Inc (NYSE:BBY), with volume running at eight times the average intraday pace. The stock has soared 14.8% to $33.59 -- after the retailer took a well-received turn in the earnings confessional -- but not everyone is convinced BBY will sustain this positive price action. Specifically, it looks as if speculators are buying to open October 30 puts, betting on the security to retreat back beneath this round-number mark.

 

One of the top gainers on the Big Board is JinkoSolar Holding Co., Ltd. (NYSE:JKS), which is up 25% at $19.59. The China-based solar stock is getting a boost from the PBOC's interest-rate decision, and President Barack Obama's new clean energy initiative. Despite today's surge, JKS remains in the red on a year-to-date basis.

 

On the flip side, alternative energy issue Sunedison Inc (NYSE:SUNE) is sitting out the day's solar rally, and is one of the top losers on the New York Stock Exchange. At last check, the shares were off 2.7% at $10.44, following some bearish brokerage attention. Yesterday, SUNE went on a wild ride with sector peer SolarCity Corp (NASDAQ:SCTY), but found support near the round-number $10 mark.

 

The CBOE Volatility Index (VIX) is down 11.4 points, or 27.9%, at 29.37, but remains 142% higher on the month.

 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.84, with puts nearly doubling calls. SPY is up 4.8 points, or 2.6%, at $194.33.

The Dow Jones Industrial Average (DJIA) is set to take investors on a wild ride once again. After suffering a nearly 600-point fall on Monday, futures on the blue-chip index surged by the same amount earlier this morning. The Dow is tracking big gains in Europe, after continued losses for China's benchmark index prompted policymakers to cut interest rates yet again. Back on the home front, traders will check the pulse of the housing sector: the S&P/Case-Shiller home price index and new home sales will be released today; plus, homebuilder Toll Brothers Inc (NYSE:TOL) just revealed its quarterly earnings. 

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

 

• As investor fear ramps up, Schaeffer's Senior VP of Research Todd Salamone breaks down the level to watch on the CBOE Volatility Index (VIX). 
• How option traders have been playing this China-based Internet stock. 
• With oil wallowing at more than six-year lows, analysts are seemingly throwing in the towel on Halliburton Company (NYSE:HAL) and its Dow-component peer.
• Plus … 5 things you need to know this morning -- including stocks making waves, what's happening overseas, and the latest in unusual option activity. 

And now, on to the numbers…

Futures on the Dow Jones Industrial Average (DJIA) are almost 395 points above fair value. 

5 Things You Need to Know Today

1. While markets in China and Japan suffered severe losses, European bourses are soaring at midday. 
2. The CBOE Volatility Index (VIX) exploded to hit six-year highs on Monday.  However, as our Andrea Kramer reported, the VIX pop didn't start right out of the gate, as "chaotic" market action resulted in unusable quotes on SPX options for the session's first 30 minutes.
   
3. Electronics retailer Best Buy Co Inc (NYSE:BBY) is set to jump over 14% at the open, thanks to better-than-expected second-quarter numbers. With more than 10% of BBY's float sold short, the stock seems set to benefit from a burst of short-covering activity.
   
4. Even though TOL missed the Street's expectations with its fiscal third-quarter numbers, the company reported a 12% rise in home orders for the period -- an encouraging sign for the housing sector. 
5. On Monday, President Barack Obama admonished fossil fuel advocates for attempting to thwart the progress of renewable energy sources, such as wind and solar. At a green energy conference, Obama revealed new efforts meant to promote renewable energy for businesses and consumers. 
   

    

Market Statistics

SolarCity Corp (NASDAQ:SCTY) and Ambarella Inc (NASDAQ:AMBA) were among the equities with unusual call and put activity on Monday. For the entire list, read Unusual Options Activity: VIX, HAL, SCTY, and AMBA.

The Chicago Board Options Exchange (CBOE) saw 1 million call contracts traded on Monday, compared to 876,166 put contracts. The resultant single-session equity put/call ratio slipped to 0.87, while the 21-day moving average moved up to 0.75.

For info on currencies, commodities, trading volume, market breadth, and more, read Stock Market Stats for August 24, 2015.

Earnings and Economic Data

 

On top of the aforementioned housing data, the Conference Board's consumer confidence index will be released today. Retailers DSW Inc. (DSW) and Childrens Place (PLCE) are set to report earnings, while Bank of Montreal (BMO), Daktronics (DAKT), ReneSola (SOL), and Solera (SLH) will also announce quarterly results.  To see what else is on this week's agenda, click here.  

The volatility game continued today; the Dow Jones Industrial Average (DJIA) was up by nearly 442 points at its intraday peak -- lifted by stimulus efforts out of China -- but decimated its gains by the close. As such, the Dow extended its massive downturn, and remains on track for its largest monthly percentage drop since February 2009. Elsewhere, on the economic front, traders digested encouraging consumer confidence data against a pair of slightly disappointing housing reports.

 

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

 

• Did the S&P 500 Index (SPX) just flash a historic "buy" signal?
• While the market has taken its lumps in recent days, these 4 stocks have managed to survive.
• The policy news that sparked a big day among solar stocks.
• Plus ... Consumer confidence pops, hedge funds split over stock market, and Twitter Inc's (NYSE:TWTR) latest struggle.

The Dow Jones Industrial Average (DJIA - 15,666.44) plummeted in the final hour of trading, ending 204.9 points, or 1.3%, lower -- its fifth straight triple-digit drop. Just two of 30 blue chips managed daily wins, with Walt Disney Co (NYSE:DIS) and Apple Inc. (NASDAQ:AAPL) each gaining 0.6%. Merck & Co., Inc. (NYSE:MRK) dropped 5.2% to lead the 28 losers.

Surrendering their earlier leads, the S&P 500 Index (SPX - 1,867.62) and Nasdaq Composite (COMP - 4,506.49) slid deeper into correction territory. The SPX dropped 25.6 points, or 1.4%, while the COMP slipped 19.8 points, or 0.4%.

The CBOE Volatility Index (VIX - 36.02) was down as much as 31%, but by day's end had pared its losses to 4.7 points, or 11.6%.

 

 

 

 

5 Items on Our Radar Today:

 

1. New home sales and home prices both increased slightly less than anticipated. However, the Conference Board's consumer confidence index topped estimates. (Reuters, via CNBC; CNBC)
2. A number of hedge fund managers remain upbeat about the state of the U.S. stock market, in spite of recent volatility, with Omega Advisors' Steven Einhorn saying, "we are not getting a signal from the corporate sector or our analysts that there has been any deterioration in outlook." However, plenty of skeptics remain, including DoubleLine Capital's Jeffrey Gundlach, who described the market as "wounded" and warned of a further correction. (Reuters)
3. TWTR is struggling around its IPO price -- and it's not the only one.
4. The catalyst that had this Dow component on the doorstep of positive year-to-date territory.
5. On the other hand, these two blue chips were among the first to turn lower.

 

 

 

 

Commodities:

 

Crude oil rebounded from six-year lows, as bargain hunters stepped in. By day's end, crude for October delivery was $1.07, or 2.8%, higher, at $39.31 per barrel.

 

Gold tumbled as China's rate-cut news lifted global markets and the dollar. At the close, December-dated futures were down $15.30, or 1.3%, to settle at $1,138.30 per ounce.

For the second straight day, futures on the Dow Jones Industrial Average (DJIA) are sharply higher. Many traders are likely skeptical of this move, however, after watching the big-cap barometer's triple-digit lead evaporate Tuesday afternoon. Not easing the volatility worries was another rocky session in China, as yesterday's interest rate cut failed to encourage investors. Meanwhile, with recent market turmoil adding a new wrinkle to Fed rate-hike speculation, traders are likely to remain on edge ahead of tomorrow's preliminary second-quarter gross domestic product (GDP) reading. 

 

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

 

• Schaeffer's Senior Quantitative Analyst Rocky White explains the S&P 500 Index (SPX) signal that looks a lot like 1987. 
• Twitter Inc (NYSE:TWTR) is one of several stocks struggling near its IPO price. 
• Analysts took a liking to this blue-chip bank and its high-profile Dow peer. 
• Plus … 5 things you need to know this morning -- including stocks making waves, what's happening overseas, and the latest in unusual option activity. 

And now, on to the numbers…

Futures on the Dow Jones Industrial Average (DJIA) are more than 353 points above fair value. 

5 Things You Need to Know Today

1. The Shanghai Composite slumped yet again today, prompting yet another easing measure from the scrambling People's Bank of China (PBOC).
2. The CBOE Volatility Index (VIX) was off by nearly one-third before paring its losses and closing 11.6% lower on Tuesday. Meanwhile, Schaeffer's contributor Adam Warner explained why Monday's volatility pop was the second-largest "VIX storm" in history.
   
3. Schlumberger Limited (NYSE:SLB) is off 1.4% ahead of the open, on news the company will buy sector peer Cameron International Corporation (NYSE:CAM) in a cash-and-stock deal valued at nearly $15 billion. It's been a rough stretch for many oil stocks, with the commodity dipping to more than six-year lows. However, CAM has jumped nearly 46% in electronic trading to $61.90, just south of SLB's $66.36-per-share bid.
4. Media conglomerate Walt Disney Co (NYSE:DIS) has been far from immune to the broad-market headwinds. The stock is buzzing this morning, though, up 2.9% ahead of the bell after the company announced it will begin selling merchandise for its newest Star Wars Movie, "The Force Awakens," on Sept. 4 -- an event that's being referred to as "Force Friday." The movie is not set for release until December.
5. Many hedge funds are remaining upbeat in light of the recent market turmoil. Still, that doesn't mean we're in the clear yet, according to prominent fund manager Jeffrey Gundlach.

 

 Market Statistics

• JPMorgan Chase & Co. (NYSE:JPM), JinkoSolar Holding Co., Ltd. (NYSE:JKS), and Abercrombie & Fitch Co. (NYSE:ANF) were among the equities with unusual call and put activity on Tuesday. For the entire list, read Unusual Options Activity: JPM, JKS, ANF, and COST.
• The Chicago Board Options Exchange (CBOE) saw 852,856 million call contracts traded on Tuesday, compared to 595,154 put contracts. The resultant single-session equity put/call ratio dropped to 0.70, while the 21-day moving average remained at 0.75.
• For info on currencies, commodities, trading volume, market breadth, and more, read Stock Market Stats for August 25, 2015. 

 

Earnings and Economic Data

 

Today's docket features the release of durable goods orders and weekly crude inventories. More retailers step into the earnings confessional, with ANF, Chico's (CHS), Express (EXPR), Guess? (GES), Tilly's (TLYS), and Williams-Sonoma (WSM) all on tap. Also set to report are Avago Tech (AVGO), NQ Mobile (NQ), and Workday (WDAY). To see what else is on this week's schedule, click here.

"If at first you don't succeed" seems to be the mantra of the Dow Jones Industrial Average (DJIA) today, with the blue-chip barometer up triple digits at last check. However, we've all seen this before; specifically, yesterday's massive reversal into the close. Nevertheless, a mix of bargain hunting, an upbeat durable goods reading, and $15 billion buyout buzz has both the DJIA and the S&P 500 Index (SPX) on track to snap their six-session losing streaks -- the latter of which flashed a signal not seen since 1987.

Also adding to the bullish bias are relatively dovish comments from New York Fed President William Dudley, who said, "From my perspective at this moment, the decision to begin the normalization process at the September FOMC meeting seems less compelling to me than it was a few weeks ago." Tomorrow kicks off a highly anticipated central bank event.

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

 

• What caused the biggest move ever in the 'VIX of VIX'? Schaeffer's contributor Adam Warner investigates.
• An unexpectedly strong earnings report has this retailer enjoying a rare rally.
• Plus ... Checking in on the CBOE Volatility Index (VIX), the SPDR S&P 500 ETF Trust (SPY), and other noteworthy stats at midday.

 

 

Among the stocks with notable put volume is Oshkosh Corporation (NYSE:OSK), with the contracts crossing at 33 times the average intraday pace. The stock is up 4.4% at $40.21, after reports the company inked a massive defense contract was met with applause from the brokerage bunch. Option players, meanwhile, appear to be throwing in the towel on their bearish bets, selling to close their out-of-the-money September 35 puts.

 

The top gainer on the Big Board is oil-and-gas issue Cameron International Corporation (NYSE:CAM). The stock has popped 41% to trade at $59.95, after Schlumberger Limited (NYSE:SLB) put in a $14.7 billion cash-and-stock bid on the firm -- equating to $66.36 per share.

 

One of the biggest losers on the New York Stock Exchange is GrubHub Inc (NYSE:GRUB). The restaurant delivery service has plunged 8.2% to churn near $25.37 -- and just hit a record low of $25.06 -- after Barclays took a glass-half-full approach to the stock. Longer term, GRUB has shed almost half its value since topping out at an all-time peak of $47.95 in late March.

 

 

The CBOE Volatility Index (VIX) is down 1.3 points, or 3.7%, at 34.70. However, the market's "fear gauge" remains up 23.8% this week.

 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.58, with puts outpacing calls. SPY is up 2.9 points, or 1.6%, at $190.18.

After yesterday's late-day fake-out, Wall Street took today's early rally with a grain of salt. But alas, the bullish stars seemed to align, thanks to upbeat data on durable goods, fresh stimulus measures out of China, dovish comments from New York Fed President William Dudley, and a collective appetite for bargain-bin stocks. Against this backdrop, the Dow Jones Industrial Average (DJIA) skyrocketed to end back atop 16,000 -- adding more than 600 points for just the third time ever -- while the S&P 500 Index (SPX) bounced back from its worst six-day stretch since the financial crisis and out of correction territory.

 

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

• This indicator could be flashing a bearish signal. Perhaps these 3 September aces can keep bears at bay.
• The story behind Aerohive Networks Inc's (NASDAQ:HIVE) worst day of 2015, and Amazon.com, Inc.'s (NASDAQ:AMZN) best day in a month.
• How traders are bracing for a bigger-than-usual earnings reaction from this oil-and-gas name.
• Plus ... Dudley speaks, Monsanto gives up, and a big bearish bet on Transocean LTD (NYSE:RIG).

In a reversal of yesterday afternoon, the Dow Jones Industrial Average (DJIA - 16,285.51) rallied into the close today, notching its best one-day percentage gain since November 2011. The blue-chip barometer was up more than 637 points at its session peak, ending with a healthy gain of 619.1 points, or 4%. Not one of the Dow's 30 blue chips closed lower, with Merck & Co., Inc. (NYSE:MRK) pacing the advance with a 6.4% surge.

The S&P 500 Index (SPX - 1,940.51) also skyrocketed, tacking on 72.9 points, or 3.9%, to snap its six-day losing streak. The Nasdaq Composite (COMP - 4,697.54) fared the best of the three, rallying 191.1 points, or 4.2%.

The CBOE Volatility Index (VIX - 30.32), on the other hand, ended near a session low. The "fear gauge" gave up 5.7 points, or 15.8%, but found a foothold atop the round-number 30 area.

 

 

 

 

5 Items on Our Radar Today:

 

1. New York Fed President William Dudley -- a voting member of the Federal Open Market Committee (FOMC) -- conceded that the events of the past few weeks make a September rate hike "less compelling." The central bank will kick off its annual Jackson Hole retreat tomorrow. (CNBC)
2. Monsanto Company (NYSE:MON) has had its heart broken one too many times, it seems. The agricultural giant abandoned its $46 billion bid for Syngenta AG (ADR) (NYSE:SYT). While MON shares soared on the news, SYT plummeted. (MarketWatch)
3. How one trader is betting on 20-year lows for RIG.
4. Schaeffer's contributor Adam Warner weighed in on the biggest move ever for the 'VIX of the VIX.'
5. Cameron International Corporation's (NYSE:CAM) big buyout. Will EMC Corporation (NYSE:EMC) be next?.

 

 

 

 

Commodities:

 

A bigger-than-expected rise in gasoline stockpiles weighed on crude. By the close, the October contract was down 71 cents, or 1.8%, at $38.60 per barrel -- a new 6.5-year low.

 

A rally in the equities markets diminished gold's "safe haven" appeal, with a strengthening dollar exacerbating selling pressure. December-dated gold finished $13.70, or 1.2%, lower to end at $1,124.60 an ounce -- the malleable metal's third straight loss. 

The Dow Jones Industrial Average (DJIA) is building off of yesterday's huge win, with futures signaling another triple-digit pop at the open. Investor sentiment received an early boost, thanks to a major turnaround from Chinese equities and an upwardly revised preliminary reading for second-quarter gross domestic product (GDP). Following yesterday's dovish comments from a key Fed official, traders now have yet another data point to include in their rate-hike calculus. As a result, investors will likely keep a close eye trained on the first day of the Jackson Hole Economic Policy Symposium -- though Fed Chair Janet Yellen will not be in attendance. 

 

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

 

• What to expect now that the S&P 500 Index's (SPX) historic losing streak is over. 
• Bears have been betting on 20-year lows for this commodity stock. 
• Another look at Wednesday's $15 billion mega-deal in the oil-and-gas sector. 
• Plus … 5 things you need to know this morning -- including stocks making waves, what's happening overseas, and the latest in unusual option activity. 

And now, on to the numbers…

Futures on the Dow Jones Industrial Average (DJIA) are 144.5 points above fair value. 

5 Things You Need to Know Today

1. Stocks around the globe are following Wall Street's bullish lead, with a rebound in China leading the way. 
2. The CBOE Volatility Index (VIX) took another step back Wednesday as stocks scorched higher. The "fear gauge" is still a safe distance from the level we've been watching this week, however. 
3. Investors are cheering Seadrill Ltd's (NYSE:SDRL) second-quarter earnings call. The firm announced a drop in quarterly profits, but encouraged shareholders with a plan to reduce spending by $500 million. Before the open, SDRL is 3.7% higher -- though that's less than half the move the Street was expecting. 
4. E-commerce giant Amazon.com, Inc. (NASDAQ:AMZN) is also pointed higher in electronic trading after receiving yet another bullish analyst note. Raymond James raised its outlook on the shares to a "strong buy," pushing the equity 2.4% higher in pre-market action. 
5. Another pre-market winner is medical device maker St. Jude Medical, Inc. (NYSE:STJ). The stock has picked up 4.5%, even though Abbott Laboratories (NYSE:ABT) has denied a Financial Times report that it was working on a $25 billion buyout offer for the firm. Today's speculation continues a recent trend, as M&A buzz has been swirling around STJ all summer. 

Market Statistics

• McDonald's Corporation (NYSE:MCD), The Coca-Cola Co(NYSE:KO), and Transocean LTD (NYSE:RIG) were among the equities with unusual call and put activity on Wednesday. For the entire list, read Unusual Options Activity: NQ, KO, MCD, LULU, and RIG.
• The Chicago Board Options Exchange (CBOE) saw 810,339 call contracts traded on Wednesday, compared to 687,228 put contracts. The resultant single-session equity put/call ratio moved up to 0.85, while the 21-day moving average edged higher to 0.76.
• For info on currencies, commodities, trading volume, market breadth, and more, read Stock Market Stats for August 26, 2015.

 

Earnings and Economic Data

 

Aside from the GDP announcement, weekly jobless claims, pending home sales, and natural gas inventories are also on the schedule. 

Meanwhile, retail earnings just don't stop. Today's docket includes quarterly results from 1-800-FLOWERS (FLWS), Aeropostale (ARO), bebe stores (BEBE), Dollar General (DG), GameStop (GME), Tiffany & Co (TIF), and Ulta Salon (ULTA). Outside of retail, Autodesk (ADSK), J.M. Smucker (SJM), OmniVision Technologies (OVTI), SDRL, Splunk (SPLK), and Smith & Wesson (SWHC) are also set to report. Click here to view Friday's economic docket. 

The Dow Jones Industrial Average (DJIA) is aiming for another triple-digit win -- and is in the black for the week -- as traders applaud this morning's upwardly revised gross domestic product (GDP) estimate and a rebound in China. The blue-chip index was up more than 300 points this morning, and is attempting to climb out of correction territory. Elsewhere, weekly jobless claims declined for the first time in over a month, pending home sales edged higher in July, and oil is on the mend. Investors are also keeping an ear toward the Fed's Jackson Hole retreat, which kicked off today. 

 

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

 

• Can CBOE Volatility Index (VIX) pops predict SPDR S&P 500 ETF Trust (SPY) moves? Schaeffer's contributor Adam Warner crunches the numbers. 
• How Amazon.com, Inc. (NASDAQ:AMZN) threw the gauntlet at Netflix, Inc. (NASDAQ:NFLX), while Tesla Motors Inc (NASDAQ:TSLA) broke the mold.
• Plus ... Checking in on the VIX, the SPY, and other noteworthy stats at midday.

 

 

 

Among the stocks with notable put activity is Apple Inc. (NASDAQ:AAPL), with the options running at 1.5 times the average intraday pace. However, it appears some traders are expecting the iPhone maker to continue moving higher through tomorrow's close, with sell-to-open activity detected at the weekly 8/28 110- and 111-strike pust. AAPL was last seen 1.9% higher at $111.82, after research firm IDC said the company is about to overtake Fitbit Inc (NYSE:FIT) in the wearable device market. 

News of a massive spending cut has Freeport-McMoRan Inc (NYSE:FCX) near the top of the Big Board today. The company announced its plans to reduce spending by nearly one-third during 2016. Shares of the commodity stock have jumped 16.7% to $9.24, as the equity recovers from multi-year lows. 

 

1-800-Flowers.Com Inc (NASDAQ:FLWS) is the biggest loser on the COMP today, due to fiscal fourth-quarter figures that missed expectations. The security boasted a 16.5% year-to-date lead coming into today, but the shares have given back 10.9% since the opening bell to trade at $8.55. 

 

 

The CBOE Volatility Index (VIX) is down 3.9 points, or 13%, as the "fear gauge" moves closer to a closely watched level. 

 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.1, with puts outpacing calls. The SPY was last seen 3.7 points, or 1.9%, higher at $198.17. 

The Dow Jones Industrial Average (DJIA) came out swinging for a third straight session, and ended comfortably higher for the second day in a row. A rally in China and a favorable gross domestic product (GDP) "reset" got the bullish ball rolling, and a major oil rebound kept some wind in the bulls' sails. By the close, the blue-chip barometer was in the black for the week, and out of correction territory.

 

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

• 3 stocks to consider -- and 3 more to avoid -- this fall.
• Why analysts are waxing optimistic on earnings growth for this stock, which has already quadrupled in 2015.
• Digging into the mad options rush on Arch Coal Inc (NYSE:ACI) and this pair of rallying oil names. 
• Plus ... Venezuela courts OPEC, Apple teases fanboys, and Amazon and Netflix prepare for battle.

The Dow Jones Industrial Average (DJIA - 16,654.77) gave Wall Street a little scare around 3 p.m. ET, but eventually regained steam to end 369.3 points, or 2.3%, higher. Yet again, all 30 Dow components moved in unison, with oil issue Chevron Corporation (NYSE:CVX) leading the pack with a 6.2% surge.

The S&P 500 Index (SPX - 1,987.66) ended near a session high, gaining 47.2 points, or 2.4%. The Nasdaq Composite (COMP - 4,812.71) outperformed its peers, tacking on 115.2 points, or 2.5%, to claw out of correction territory. The SPX and COMP are also in the black for the week.

The CBOE Volatility Index (VIX - 26.10) gave back another 4.2 points, or 13.9%, marking its third straight loss.

 

 

 

 

5 Items on Our Radar Today:

 

1. Venezuela reportedly requested an emergency meeting with the Organization of the Petroleum Exporting Countries (OPEC), in hopes of stopping the proverbial bleeding in crude, which is just off six-year lows. (MarketWatch)
2. Apple Inc. (NASDAQ:AAPL) confirmed it will hold an event on Wednesday, Sept. 9. Apple told invitees to prompt Siri for a hint, but always the professional, she responded with things like, "Why don't you check a rumors blog? That's what I do." In addition, Fitbit Inc (NYSE:FIT) sat out the rally on reports that AAPL is hot on its trail.  (CNBC)
3. Freeport-McMoRan Inc (NYSE:FCX) traders cheered major cost-cutting plans.
4. How Amazon.com, Inc. (NASDAQ:AMZN) is following in the footsteps of Netflix, Inc. (NASDAQ:NFLX).
5. Chesapeake Energy Corporation (NYSE:CHK) and Exxon Mobil Corporation (NYSE:XOM) are drawing a crowd in the options pits.

 

 

 

 

Commodities:

 

Crude enjoyed its biggest one-day gain since 2009, thanks to upbeat economic data, a decline in weekly inventories, and Venezuela's request for an OPEC audience. By the close, the October contract was up $3.96, or 10.3%, to settle at $42.56 per barrel.

 

On the flip side, gold ended lower for the fourth straight session, due to a stronger dollar and as encouraging economic data diminished the metal's appeal as a safe-haven investment. December-dated gold ended $2, or 0.2%, lower at $1,122.60 an ounce.